US export controls on advanced chips may have accelerated China’s AI ambitions rather than slowing them, according to a KuCoin news report. CXMT Corp, a memory chipmaker once dependent on foreign technology, debuted on Shanghai’s STAR Market last month and surged 466% in a single session, becoming China’s most valuable listed company. CXMT raised $9.8 billion in one of China’s biggest IPOs in years. Beijing cleared the firm’s path from filing to trading in under eight months, and regulators and state funds intervened within days to stabilize sentiment when tech stocks slid in July. Chris Miller, author of Chip War, noted US firms have greater access to capital but financing costs are rising, while Chinese domestic compute is more expensive but the gap is closing. China now taps the $26 trillion in household savings accounts, the largest pool of private capital in the world. Chinese tech firms borrowed at an average coupon of 1.9% this year, more than 300 basis points below US peers paying 5.25%, the widest gap since at least 2015. DeepSeek is weighing a listing at a $71 billion valuation, Moonshot AI is filing in Hong Kong, and Z.AI and MiniMax are next. UBS says China’s leading AI models cost less than 10% of what OpenAI and Anthropic spend to train, and API prices for major Chinese models run below 20% of comparable global offerings.