AI Chipmaker Iluvatar CoreX Is Said to Mull Hong Kong IPO

Iluvatar CoreX, a Chinese AI chipmaker, is reportedly considering an initial public offering (IPO) in Hong Kong. The company's decision comes amid growing investor interest in Chinese AI chipmakers, as Beijing discourages local firms from using Nvidia Corp. processors. Iluvatar CoreX specializes in the development of AI chips, which are essential components for a wide range of applications, including autonomous vehicles, smart cities, and industrial automation. The potential IPO in Hong Kong would allow the company to raise funds and expand its operations, as it seeks to capitalize on the increasing demand for domestic AI technologies in China. The news of Iluvatar CoreX's IPO plans reflects the broader trend in the Chinese tech industry, where the government is actively promoting the development of homegrown technologies to reduce reliance on foreign suppliers, particularly in sensitive sectors like AI and semiconductors. This move is seen as a strategic step to bolster China's technological self-sufficiency and competitiveness in the global market.