China’s chipmakers pour revenue into R&D, outpacing US ratios

Earnings show Chinese chip designers devote up to half of revenue to research, far above US peers, as Beijing pushes tech self-reliance By contrast, US chipmakers such as AMD and Intel have typically spent between 20 and 30 per cent of their revenue on R&D in recent years. Despite higher ratios, Chinese chip designers continue to lag behind US giants on absolute R&D spending. Nvidia spent US$18.5 billion for the year ended January 25, 2026, according to exchange filings, while AMD spent US$8 billion and Intel spent US$13.8 billion for the year ended December 27, 2025.

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