One of the bigger winners from “Project Stargate” is a Chinese pharmaceutical company
A wide array of biotech and pharmaceutical companies are surging on Oracle Chairman Larry Ellison’s aspirational pronouncement that spending billions on AI infrastructure has the potential to lead to personalized vaccines that cure cancer.
As of 12:50 p.m. ET, the five best-performing companies listed in the US with a market cap of at least $500 million are all pharma-adjacent. One such firm is BGM Group, based in Chengdu, China, which was up more than 20% at its highs of the day.
BGM Group bills itself as having “a strategic focus on the technology fields of AI application, intelligent robots, algorithmic computing power, cloud computing, and biopharmaceuticals.” In late December, the firm completed the acquisition of AIX Inc., a Chinese insurance company with AI characteristics.
BGM hasn’t yet updated its financials since filing an annual report for the period ending September 2023. The company generated $46.5 million in revenues over the trailing year by selling not only active pharmaceutical ingredients and medicines, but also fertilizers as well as sausage casings.
Its market cap is shy of $1 billion after Wednesday’s advance. After being halted for volatility earlier in the session, volumes have pretty much dried up.
