Memory maker CXMT overtakes Tencent to become China's most valuable company 17 days after its IPO

Memory chipmaker ChangXin Memory Technologies (CXMT) surpassed Tencent to become China's most valuable company just 17 days after its IPO, with a market cap of $524 billion compared to Tencent's $511 ... Read original →

CXMT's rise to China's most valuable company marks a pivotal shift from speculative capital to tech-driven growth. Its success is rooted in rising DRAM prices and strong demand from AI infrastructure, particularly from Tencent and ByteDance, which have secured multi-billion-dollar server DRAM contracts. However, lacking EUV lithography capabilities, CXMT remains vulnerable to supply chain disruptions. As global tech sanctions tighten, domestic firms face mounting pressure to reduce reliance on foreign equipment. Should AI compute demand remain robust, DRAM prices may stay elevated, but geopolitical tensions could trigger valuation corrections. This milestone signals a broader transformation in China's tech sector, moving beyond scale to technological self-reliance—though true autonomy remains a long-term challenge.