Shares of Chinese chipmaker MetaX Integrated Circuits soared more than 500% in their market debut in Shanghai on Wednesday, after the company raised nearly $600 million in its initial public offering.

Shares, which were priced at 104.66 yuan in the IPO, surged to over 692 during its debut, marking a 561% jump.

Similar to Moore Threads, which saw a robust debut at the start of the month, MetaX develops graphics processing units for artificial intelligence applications, tapping into a fast-growing sector driven by rising adoption of AI services.

MetaX is part of a growing cohort of local chipmakers building AI processors, reflecting Beijing’s push to reduce dependence on U.S. chips following Washington’s tech curbs on export of high-end technology to China.

Washington has imposed export curbs on U.S. chip behemoth Nvidia, barring sales of its most advanced AI chips to China.

Newer Chinese players such as Enflame Technology and Biren Technology have also entered the AI space, aiming to capture a share of the billions in graphics processing unit, or GPU, demand no longer served by Nvidia. Chinese regulators have also been clearing more semiconductor IPOs in their drive for greater AI independence.

Earlier this month, shares of Moore Threads, a Beijing-based GPU manufacturer often referred to as “China’s Nvidia,” soared by more than 400% on its debut in Shanghai following its $1.1 billion listing.