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Chinese Chip Giant’s Stock Soars 470% in Start of Trading, Amid A.I. Race

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philb2

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https://www.nytimes.com/2026/07/27/...3896&user_id=c383821527c441214d07ce6e4a6ba12a

Shares in China’s leading memory chipmaker soared about 470 percent on its first day of trading on Monday, quickly making it the most valuable company on the Shanghai stock exchange.


Investors catapulted the chipmaker’s valuation on the Shanghai stock exchange to more than $480 billion at closing. That is well ahead of the Industrial and Commercial Bank of China, the previous biggest company, which is valued at about $385 billion.
Trading in CXMT shares opened at 49.50 renminbi, up from its I.P.O. price of 8.66 renminbi. The closing price was 49.00 renminbi.
 
KazeoHin said:
Samsynixcron must be PISSED
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They may fuck themselves in the long run with this. If China scales up memory and starts to capture the consumer market while they are all cashing in, it could well be that after the bubble bursts they are able to displace a decent chunk of their market. If China demonstrates that it can deliver memory that works, is a good price, and can be had when companies need it, I could totally see big vendors like Dell jumping ship. Once they jump ship for their consumer systems, well then enterprise is next up on deck and the big 3 are going to have to compete on price. If Chinese companies are offering RAM that Dell knows to work well for 20% less than Micron AND are delivering it on time... well then Micron better find a way to offer it for 25% less and had better fill those orders.
 
Sycraft said:
They may fuck themselves in the long run with this. If China scales up memory and starts to capture the consumer market while they are all cashing in, it could well be that after the bubble bursts they are able to displace a decent chunk of their market. If China demonstrates that it can deliver memory that works, is a good price, and can be had when companies need it, I could totally see big vendors like Dell jumping ship. Once they jump ship for their consumer systems, well then enterprise is next up on deck and the big 3 are going to have to compete on price. If Chinese companies are offering RAM that Dell knows to work well for 20% less than Micron AND are delivering it on time... well then Micron better find a way to offer it for 25% less and had better fill those orders.
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CXMT is also selling RAM for insane prices. They’re not coming to save us, they’re coming to make money.
 
HockeyJon said:
CXMT is also selling RAM for insane prices. They’re not coming to save us, they’re coming to make money.
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Of course they are coming for money. The question isn't if they are cheap, it is if they are cheaper and deliver on a better timeline (and also deliver stuff that works and doesn't degrade). It's not even about the enthusiast market, it is about companies like Dell.
 
HockeyJon said:
CXMT is also selling RAM for insane prices. They’re not coming to save us, they’re coming to make money.
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Supply/demand is a force of nature. If their manufacturing adds to the supply, then they will have an effect on the price. Though I have a feeling that the biggest impact they can have right now is "the price isn't rising as fast as it would have otherwise"
 
I wonder if it has anything to do with Xi's announcement with AI for all?
 
Sycraft said:
Of course they are coming for money. The question isn't if they are cheap, it is if they are cheaper and deliver on a better timeline (and also deliver stuff that works and doesn't degrade). It's not even about the enthusiast market, it is about companies like Dell.
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Yes, but right now they can't produce enough for it to matter, so they're charging market rate, as one would suspect.

People are treating CXMT like they treat AMD, as if it's some tech saviour that will bring us salvation from the high prices of market leaders like Nvidia. That's not how this works. You're not going to get competitive forces taking hold until the supply/demand picture changes, period, full stop. Any business leader who doesn't sell at market rate at this point should be fired, honestly.

If the memory companies build out more capacity and demand starts to decline, you'll get into a situation where you have excess. That's when you'll see the benefit of increase competition like CXMT. Right now, it doesn't matter what price they set. All memory will be sold immediately. There is no business reason to undercut your competitors when you already can't collectively keep up with demand.

I'm glad we have another player, don't get me wrong, but it's going to be some time before that matters.
 
KazeoHin said:
Supply/demand is a force of nature. If their manufacturing adds to the supply, then they will have an effect on the price. Though I have a feeling that the biggest impact they can have right now is "the price isn't rising as fast as it would have otherwise"
Click to expand...

But they haven't gotten there yet, so we're still a ways off before the impact of CXMT will be fully felt in the market. Right now they're just gobbling up demand that the big three can't fulfill, but even that is exceeding their production capacity, so it's not moving the needle a whole lot.
 
HockeyJon said:
Yes, but right now they can't produce enough for it to matter, so they're charging market rate, as one would suspect.

People are treating CXMT like they treat AMD, as if it's some tech saviour that will bring us salvation from the high prices of market leaders like Nvidia. That's not how this works. You're not going to get competitive forces taking hold until the supply/demand picture changes, period, full stop. Any business leader who doesn't sell at market rate at this point should be fired, honestly.

If the memory companies build out more capacity and demand starts to decline, you'll get into a situation where you have excess. That's when you'll see the benefit of increase competition like CXMT. Right now, it doesn't matter what price they set. All memory will be sold immediately. There is no business reason to undercut your competitors when you already can't collectively keep up with demand.

I'm glad we have another player, don't get me wrong, but it's going to be some time before that matters.
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100%. Their ability to produce cheap semis at scale in a down market will truly be the disruption, not small scale in a gold rush. By 2030 the market might start really feeling the effects of this as capacity ramps.
 
Sycraft said:
. If Chinese companies are offering RAM that Dell knows to work well for 20% less
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It is near commodity once you have the same specs and it cost significalty more to make memory for CXMT than the others, I doubt they would undercut price by a lot (specially now).


HockeyJon said:
CXMT is also selling RAM for insane prices. They’re not coming to save us, they’re coming to make money.
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Very little difference, us making money is saviny us, incremental supply is what world need, giving them money to save us is perfectly fine. That how capitalist work, people have needs, they pay for people to save them, people to save them happy to do it for money.

They are expected to add wafer at a pace similar to the big 3 in the near futur:

es%2F4e7341ef-e3c9-4fa0-a8c7-66ce087b659d_2326x692.jpg


Sycraft said:
They may fuck themselves in the long run with this
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Creating that much demand and China excellence-push I am not sure how something like this would not have happened (specially just after the 2021 supply crisis and world effort that it launched), if they have left giant demand-price for datacenter supply be filled by others, they still "create" a super well financed competitor, you can see with TSMC competitor rising up everywhere.
 
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