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Chinese Chipmakers Become Billionaires Without Turning a Profit
Shanghai Enflame Technology Co. has fewer than 900 employees, one major customer, and has never turned a profit since the Chinese computer chip manufacturer began in 2018.
Nature Energy, Published online: 12 June 2026; doi:10.1038/s41560-026-02073-y
Lyu et al. show that industrial overcapacity, long viewed as a burden, can be repurposed. Using China’s aluminium sector as an example, they demonstrate that excess capacity and material storage can provide seasonal flexibility to lower energy costs.
