Four years ago, when Yan Junjie pitched his vision for an artificial intelligence startup, MiniMax Group Inc., to major internet companies and tech investors in China, the response was overwhelmingly negative. Many regarded him as a fraud for proposing a company centered entirely on multimodal artificial intelligence capable of processing text, images, audio, and video simultaneously. Fast forward to today, and MiniMax, based in Shanghai, has transformed into a multibillion-dollar corporation, making Yan a billionaire at just 36 years old. His models are often compared to those of OpenAI and are fueling a new wave of technological nationalism within China.
Alongside peers like Liang Wenfeng from DeepSeek, a prodigy in quantum computing, and Wang Xinxin from Unitree Robotics, Yan represents a new generation of Chinese entrepreneurs challenging the dominance of the United States in AI technology. This growing cohort is making waves as numerous Chinese AI firms, including MetaX Integrated Circuits Shanghai Co. and Moore Threads Technology Co., go public. Collectively, these new magnates possess a staggering net worth of $100.5 billion, almost matching Bill Gates' fortune of $105 billion, yet still falling short of Jensen Huang's wealth, which stands at $153 billion.
Their financial success amidst escalating technological and geopolitical divides illustrates that wealth creation in China is now closely tied to the government's push for technological independence. This shift has given rise to a distinct type of tech elite in the country. The era of rock-star executives, exemplified by the extroverted Jack Ma at Alibaba, has transitioned into a generation of reserved tech enthusiasts. Contemporary entrepreneurs, like Chen Tianshi from Cambricon Technologies Corp., prefer to avoid the limelight, often describing themselves as "ordinary researchers."
This strategic discretion is essential for the new Chinese tech elite, who view it as a safeguard against two existential threats: being placed on the U.S. sanctions list and drawing scrutiny from the government, which frowns upon ostentatious displays of wealth. As Duncan Clark, chairman of BDA China, pointed out, the toxic atmosphere in U.S.-China relations has made them hesitant to engage in high-profile activities, especially for those reliant on state funding or at risk of American sanctions.
Most of these new leaders are men born in the 1970s and 1980s, possessing elite academic credentials often from Tsinghua University or the Chinese Academy of Sciences. Many have spent years working under government guidance. For instance, Chen from Cambricon worked for six years as a researcher in a state academy before establishing his AI chip company. His fortune has soared over 800% since the beginning of 2024, reaching $21.5 billion, a rise attributed to Beijing's aggressive policies supporting local production.
This new wave is also marked by the return of experienced leaders from American tech giants. A series of recent public offerings has seen the emergence of several new billionaires, many of whom are former employees of Nvidia and Advanced Micro Devices. Zhang Jianzhong, a former Nvidia executive, transformed Moore Threads into a $45 billion corporation within five years, pledging to substitute the very chips he once sold.
The landscape of AI infrastructure is being reshaped by founders who create essential hardware like data centers, chips, and circuit boards. Their fortunes have expanded by developing technologies that circumvent U.S. export controls while supplying equipment for the ongoing AI gold rush. Chen Tianshi, co-founder and CEO of Cambricon Technologies, boasts a net worth of $21.53 billion, while his company has thrived despite being blacklisted by the U.S. in December 2022.
Government support further bolsters these companies, as state data centers are mandated to prioritize domestic products, ensuring the security of China's AI infrastructure. Meanwhile, Wang Weixiu, founder of Zhongji Innolight, has built the world's largest optical transceiver manufacturer, integral to AI data centers globally, including those in the U.S.
As these leaders emerge, they not only reshape the tech landscape in China but also position themselves as formidable competitors to their former American colleagues. The implications are significant for the market, suggesting a more self-sufficient China in tech, while also raising the stakes for competitors globally.
Informational material. 18+.
