Chinese RAM company CXMT makes a $484 billion stock market debut
Get the Tech newsletter
Daily tech — startups, AI labs, chips, the launches that shape the next decade. Free.
- CXMT shares jumped 466% on their Shanghai Stock Exchange debut, pushing the company's valuation to $484 billion — making it the most valuable Chinese company listed on the exchange.
- Apple asked the Trump administration for permission to purchase CXMT memory despite the Pentagon having blacklisted the Chinese firm, per the Financial Times.
- Gigabyte announced it is adding CXMT RAM support to some of its motherboards, while Dell, HP, Lenovo, and Asus are reportedly exploring the Chinese firm's products.
- CXMT launched its first DDR5 products last year but they remain "roughly one generation" behind top chips from Samsung, SK Hynix, and Micron per the South China Morning Post; the company held an 8% share of the global RAM market as of June 2026, according to Counterpoint Research.
- The global memory shortage, driven by AI-fueled demand, has device makers searching for alternatives to the incumbent trio of Samsung, SK Hynix, and Micron, who currently control the majority of the market.
- SK Hynix had a similarly large debut on the US stock exchange earlier this month, underscoring the investor frenzy around memory chipmakers.
Why it matters: CXMT's $484 billion valuation makes it the most valuable Chinese-listed company and establishes a state-backed challenger to the Samsung/SK Hynix/Micron RAM oligopoly. Apple lobbying the Trump administration to buy from a Pentagon-blacklisted firm shows how tight memory supply has become — major device makers are already courting CXMT even though its chips remain roughly a generation behind the incumbents.
