China's AI Chip Sector Faces Headwinds Despite Ambitions
• Xu Lingjie, CEO and co-founder of major Chinese AI chipmaker Biren Technology, has resigned despite recent major funding
• Biren and rival Cambricon struggling financially and with layoffs, raising doubts about China's progress in AI hardware
• Biren hurt by lack of access to leading-edge foundry technology due to US blacklisting
• Cambricon bleeding money after IPO, with revenues falling sharply
• Situation shows challenges facing China's ambitious goals in AI chips, even with strong government backing