Montage surpasses CATL: AI chip demand drives dual-listing stock prices higher

Montage Technology has overtaken Contemporary Amperex Technology Co. Ltd. (CATL) as the most expensive dual-listed stock in Hong Kong and on the Chinese mainland. The surge in prices was driven by a wave of demand for specialized semiconductors for artificial intelligence systems.

AI

Chip Demand Drives the Entire Market The global race for leadership in artificial intelligence is heating up demand for specialized semiconductors on an unprecedented scale. Major cloud providers—Google, Meta, Amazon—and companies developing their own LLMs are investing record sums in the purchase of high-performance GPUs and specialized chips for training and deploying complex models. This creates unprecedented demand for companies that design such semiconductors and work on the next generation of highly efficient architectures.

The trend began back in 2023 when ChatGPT exploded the popularity of LLMs. But in 2025–2026, demand has grown so much that even Nvidia and AMD's supplies are struggling to meet market needs. As a result, companies developing their own chips for specific tasks—data compression, model serving, specialized computing—have gained enormous value in the eyes of investors.

• Cloud providers are expanding data centers to serve growing demand for AI services Major technology firms are developing their own chips to reduce computing costs Competition between Nvidia, AMD, Intel, and Chinese manufacturers is driving innovation upward * Global investment in AI infrastructure exceeds $500 billion per year ## Montage Technology in the Spotlight Montage Technology is one of the leading fabless semiconductor designers specializing in chips for data centers and high-performance computing. The company is in an exceptionally advantageous position because its products are directly linked to the infrastructure on which large language models run and are trained. Investors expect that demand for its chips will grow exponentially over the next five years, making the company's shares particularly attractive to funds betting on AI themes. Montage's stock price reflects this optimism, overshadowing more traditional companies even if they had larger market capitalizations a few years ago. Montage's appearance at the top of the list by price among dual-listed stocks relative to CATL illustrates a profound reorientation of financial markets: batteries, automobiles, and logistics (CATL's historical direction) are fading into the background before the wave of capital flowing into AI infrastructure.

Dual

Listing, Hong Kong Premium, and Market Signals When a company's stock trades simultaneously on two geographically different exchanges, its price often differs depending on trading volume, regulation, currency risk, and the composition of investors on each exchange. The Hong Kong exchange has historically attracted a larger share of foreign investors due to greater liquidity, transparency, and openness to international capital, which often results in higher valuations. The Hong Kong premium can serve as a sensitive indicator of the appetite of global funds and investors for a particular segment of Chinese companies. When the Hong Kong price rises above the mainland price by 20–30%, this signals that global capital is actively buying this paper in anticipation of growth.

What

This Means for the Market Montage Technology's ascent to the top of the price rankings for dual-listed stocks reflects the scale of the investment boom around artificial intelligence and its development infrastructure. Companies tightly linked to the hardware side of AI are attracting unprecedented capital, overshadowing even large and stable firms in traditional industries. For investors, traders, and analysts, this is a signal: the market is willing to pay a serious premium for access to companies that power and scale the AI revolution. *Meta is recognized as an extremist organization and banned in Russia.