Wire · operational-macro
CXMT debuts up 472% on Shanghai STAR, hits $489B market cap
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Fusion42 · 27 July 2026 · Fusion42 review
ChangXin Memory Technologies (CXMT), a Chinese state-backed DRAM maker, debuted on Shanghai STAR with a 472% first-day pop, raising 66.6 billion yuan and achieving a $489B valuation—now the world's fourth-largest memory manufacturer, positioned to compete in AI data centre supply chains with fresh capital and domestic demand locked in via ByteDance and Tencent contracts.
This Wire brief sits within Fusion42's coverage of Semiconductors and AI Infrastructure, and 14 sources have reported it between 19 Jul 2026 and 14 Aug 2026.
◆ ◆ The Wire takeaway
If you make memory controllers, power delivery, or thermal management for AI clusters, CXMT just became a buyer with $9.8B to spend and a mandate to break into high-bandwidth memory where Samsung and Micron own the lead. Watch what they acquire or partner with in H2 2026—that's your supply chain entry point.
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14 sources · first reported 19 Jul 2026 · latest 14 Aug 2026
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