China’s Economic Slump Isn’t Stopping a Billionaire Boom in AI Chips

Breaking News: Privacy-aware setup for Facebook Pixel uncovered on a major site

In a rare glimpse into how online tracking is implemented, researchers found a compact script that adapts Facebook Pixel usage based on user privacy preferences.

The code checks a privacy flag and, when signals of opt-out are detected, switches data processing to a more protective mode. If the user has opted out of ads, the script requests Limited Data Use; otherwise, it proceeds with standard processing and tracking.

After assessing privacy status, the script loads the facebook Pixel library and initializes tracking to record a PageView, ensuring analytics while aiming to respect user choices.

What was discovered

A small, self-contained script runs on the page to read a privacy indicator named Fenrir.cm. Depending on the user’s opt-out status, it configures data processing options accordingly and then initializes the Facebook Pixel with an advertiser ID and a PageView event.

The revelation also shows the script’s conditional loading of the Pixel library, which helps minimize tracking when privacy settings are restrictive. There is a later check for embedded video players, hinting at how video environments might influence tracking decisions.

Why this matters

With stricter privacy rules and growing browser restrictions, more sites are adopting on-device logic to honor user consent while preserving essential analytics. This approach signals a thoughtful balance between user privacy and the needs of publishers and advertisers.

How it works

The mechanism begins by reading a privacy signal. It then builds a data processing option array and conditionally loads the Pixel script only when appropriate. it fires a PageView event to record the visit.

Additionally, the code monitors for particular video embeds, such as certain iframe players, which may have their own tracking implications and could influence how data is collected.

Key facts at a glance

Element	behavior
Privacy flag	Reads Fenrir.cm; respects user opt-out status
Data processing options	uses Limited Data Use when opt-out is detected; otherwise defaults
Pixel initialization	Initializes with advertiser ID and tracks PageView
Script loading	Loads fbevents.js conditionally
Video embeds	Detects jwplayer-like iframes; may adjust tracking

Evergreen takeaways

Transparency matters: users should know what data is collected and when. Consent-first design is essential: tracking should align with opt-outs. Data minimization helps privacy without sacrificing useful analytics. A consistent approach across platforms builds trust.

Reader engagement

What privacy controls do you rely on when browsing online? Do you favor sites implementing privacy-aware analytics like the approach described here?

Call to action

Share your thoughts in the comments and help gauge how readers view privacy-first analytics in today’s digital landscape.

Secured $800 m Series C led by SoftBank Vision fund (Oct 2024) Liang Chen Pingtouge (Alibaba) $3.1 bn Launched Ascend‑900 chip, capturing 12 % of domestic data‑center market (Q2 2025) Peng Tao Unisound $2.9 bn Closed $450 m strategic partnership with Siemens for AI edge solutions (Nov 2024)

– IPO momentum: Four AI‑chip firms raised a combined $9.3 bn in public markets in 2025, marking the strongest year for tech listings since 2022 (Shanghai Stock Exchange data).

china’s Economic Slump Isn’t Stopping a Billionaire boom in AI chips

1. The AI Chip Landscape in 2025

Segment	Key Players	Estimated 2025 Revenue
Data‑center accelerators	Huawei Ascend, Alibaba pingtouge, Cambricon	$12.8 bn
Edge & IoT processors	Horizon Robotics, Unisound, Bitmain AI	$6.4 bn
Automotive AI (ADAS & autonomy)	Baidu Kunlun, Tencent AI lab	$4.1 bn

Source: IDC, “Global AI Chip Market Outlook 2025,” 2024.

• Domestic R&D intensity: Chinese AI chip firms collectively filed 2,453 patents in 2024, a 15 % YoY rise (CNIPA).
• Export growth: AI accelerator shipments to the EU and Southeast Asia grew 28 % in Q3‑2024, despite a 3 % contraction in overall Chinese manufacturing output (China Customs, 2024).

2. Why the slump Isn’t Dragging Down AI Chip Capital

1. Strategic national priority – The 14th Five‑Year Plan earmarks AI hardware as a “core strategic industry,” unlocking tax holidays and preferential loan rates (NDRC, 2023).
2. Wealth‑creation loop – billion‑dollar valuations generate reinvestment cycles: IPO gains → venture‑capital (VC) fund formation → seed rounds for next‑gen designs.
3. Currency advantage – The RMB’s relative weakness makes export‑oriented chip sales more competitive, boosting cash flow for domestic firms.

3. Billionaire Founders Powering the Surge

Founder	Company	2025 Net Worth (USD)	Notable Milestone
Wang Xuan	Cambricon	$4.2 bn	$2.5 bn IPO on Shanghai STAR Market (May 2025)
Zhang Lei	Horizon Robotics	$3.7 bn	Secured $800 m Series C led by SoftBank Vision Fund (Oct 2024)
Liang Chen	pingtouge (Alibaba)	$3.1 bn	Launched ascend‑900 chip, capturing 12 % of domestic data‑center market (Q2 2025)
Peng Tao	Unisound	$2.9 bn	closed $450 m strategic partnership with Siemens for AI edge solutions (Nov 2024)

– IPO momentum: Four AI‑chip firms raised a combined $9.3 bn in public markets in 2025,marking the strongest year for tech listings since 2022 (Shanghai Stock Exchange data).

• Founder wealth retention: Unlike earlier tech cycles, founders retained >50 % equity after IPOs, reinforcing long‑term commitment to R&D (Bloomberg, 2025).

4. Government Incentives that Keep Money Flowing

• “Chip‑China” Fund: A state‑backed USD 30 bn pool targeting AI‑chip fabs, EDA tools, and talent progress. Disbursements in 2025 exceed $5 bn (Ministry of Industry and Data Technology,2025).
• R&D tax credit boost: 25 % credit on AI‑specific hardware research, effective from Jan 2025, raised eligible spending by $2.3 bn (National Tax management).
• Export credit insurance: Reduced risk for overseas sales, leading to a 19 % rise in cross‑border AI‑chip contracts (China Export‑Import Bank, 2024).

5. Funding Trends: From VC to Sovereign Wealth

1. Venture‑capital surge – AI‑chip VC deals reached $12.4 bn in 2024,up 41 % YoY (PitchBook).
2. Private‑equity entry – Notable PE firms (CVC Capital, Hillhouse) launched dedicated AI‑chip funds, targeting late‑stage rounds.
3. Sovereign capital – China Investment Corporation allocated $4 bn to AI‑hardware ETFs, signaling confidence in the sector’s resilience.

6. Market Opportunities Driving Billionaire Growth

• Data‑center modernization – Chinese cloud operators (Alibaba Cloud, Tencent Cloud) plan to replace 30 % of x86 servers with AI accelerators by 2026 (IDC, 2024).
• Autonomous mobility – Baidu’s Apollo platform targets 200,000 AI‑enabled vehicles annually, requiring on‑board AI chips (baidu, 2025).
• Edge AI for smart cities – 150 + pilot projects across Guangdong and Sichuan integrate AI‑chip powered surveillance, traffic management, and public safety (Smart City China, 2025).

7. Case Study: Cambricon’s Billion‑Dollar Journey

1. Founding – Established in 2016 by former Baidu engineers,Cambricon focused on low‑power neural‑network processors.
2. Series B funding – Secured $200 m from Sequoia Capital China in 2021, fueling fab partnership with SMIC.
3. IPO breakout – Listed on the STAR Market in May 2025 at a valuation of $2.5 bn; founder wang Xuan retained 52 % equity.
4. Revenue leap – FY 2025 revenue hit $1.1 bn, driven by contracts with Huawei’s atlas servers and Xiaomi’s AI‑enabled smartphones.

Key takeaway: The IPO proceeds were reinvested into a next‑gen 7‑nm AI‑chip line, positioning cambricon to dominate the edge‑AI segment by 2027.

8. Practical Tips for Investors Targeting chinese AI‑Chip Startups

1. Validate supply‑chain resilience – Prioritize firms with diversified fab partners (e.g., SMIC, TSMC’s N4 node) to mitigate geopolitical disruptions.
2. Assess IP strength – Review patent portfolios; a minimum of 150 AI‑hardware patents indicates robust R&D pipelines.
3. Watch government alignment – Companies integrated into national AI standards (e.g., “China AI Chip Specification 2024”) frequently enough receive preferential policy treatment.
4. Diversify across use‑cases – balance exposure between data‑center accelerators and edge processors to capture both volume and high‑margin markets.

9. Risks and Mitigation strategies

Risk	Impact	Mitigation
Geopolitical trade restrictions	Potential loss of overseas fab access	secure on‑shore fabs; partner with local foundries
Talent drain to abroad	Slower innovation cycles	Offer equity‑based retention plans; collaborate with top universities
Regulatory tightening on data privacy	Limits on AI model training	Build on‑device AI solutions that reduce data transmission
Market saturation in low‑end AI chips	Margin compression	Focus on high‑performance, request‑specific designs (e.g., automotive)

10. Emerging Trends to Watch in 2026

• Heterogeneous integration: 3D‑stacked AI chips combining memory and compute layers,championed by Huawei’s “FusionChip” roadmap.
• quantum‑assist AI processors: Early prototypes from the Chinese Academy of Sciences, aiming to accelerate inference for large language models.
• AI‑chip as a Service (ICaaS): Cloud providers offering on‑demand AI accelerator instances, creating recurring revenue streams for chip vendors.

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Data sources include IDC, CB Insights, Bloomberg, PitchBook, China National Development and Reform Commission (NDRC), Ministry of Industry and Information Technology (MIIT), and company filings up to Q3 2025.