One signal

Shanghai Enflame Technology, a Chinese AI-chip maker, has fewer than 900 employees, one major customer and has never turned a profit since it began in 2018, Bloomberg reports.

Why it matters

The snapshot is a useful reality check for the AI-hardware boom: chip ambition can attract enormous attention while the underlying business remains small, concentrated and loss-making. The report does not establish what comes next for Enflame, but those three figures are the ones to keep watching.

Discuss: Does a concentrated customer base look like a launchpad for an AI-chip challenger or its biggest vulnerability?

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