Chinese optical chipmaker Yuanjie Semiconductor Technology reported an elevenfold surge in first-quarter profits as domestic firms capitalise on soaring demand for computing power amid the artificial intelligence boom and the country’s tech self-sufficiency drive.

Net profit in the three months ended March 31 jumped 1,153 per cent year on year to 179 million yuan (US$26.2 million), while revenue grew 321 per cent to 355 million yuan, the Shanghai-listed company said in a stock-exchange filing on...