CXMT tops 4 trillion yuan as AI-fuelled memory rally lifts China’s chip champion

Shares of ChangXin Memory Technologies (CXMT), China’s leading DRAM maker, jumped 12 per cent on Monday to close at a record 61.80 yuan (US$9.16), lifting its market capitalisation to 4.13 trillion yuan and extending its lead as China’s most valuable listed company.The Hefei-based chipmaker first overtook Hong Kong-listed Tencent Holdings on Thursday as China’s most valuable listed company, when CXMT’s market value reached about 3.54 trillion yuan. It had already become the most valuable company on mainland exchanges on its July 27 trading debut, when the stock surged 466 per cent. Monday’s close left CXMT more than seven times above its 8.66 yuan initial public offering price.The latest jump appeared largely sector-driven. SanDisk shares surged nearly 30 per cent on Thursday and Friday after its investor day reinforced expectations that Artificial Intelligence (AI) demand could keep memory supplies tight, while Micron Technology also gained 6.7 per cent last Friday.