Chinese memory chipmaker ChangXin Memory Technologies (CXMT) made a spectacular debut on the Shanghai stock exchange, with shares surging 466 percent to give the firm a valuation of $484 billion. This makes CXMT the most valuable Chinese company listed on the exchange, and highlights the growing role Chinese chipmakers could play as global demand for memory, driven largely by AI, continues to strain supply and push up prices.

CXMT, founded in 2016, aims to challenge established players Samsung, Micron and SK Hynix, who currently dominate the global memory market. It unveiled its first DDR5 RAM chips last year, though these reportedly remain roughly a generation behind its rivals' top products, and as of June 2026 it held around 8 percent of the global RAM market, according to Counterpoint Research. Interest in CXMT's products is growing regardless: Gigabyte has added support for its RAM in some motherboards, Dell, HP, Lenovo and Asus are reportedly exploring its chips, and the Financial Times has reported that Apple sought US government permission to buy CXMT memory despite the Pentagon having blacklisted the company. SK Hynix had a similarly strong debut on the US stock exchange earlier this month.