Memory maker CXMT overtakes Tencent to become China's most valuable company 17 days after its IPO — now worth $524 billion
ChangXin Memory Technologies (CXMT) is now the world's most valuable Chinese company after passing Tencent.
Memory maker CXMT has overtaken Tencent to become China's most valuable company, with a market cap of $524 billion, just 17 days after its IPO. The crossover occurred as Tencent's shares fell further due to a 176% increase in capital spending on AI infrastructure, disclosed in its second-quarter results. CXMT, which signed server DRAM agreements with both Tencent and ByteDance, now holds 7.67% of the global DRAM market.
The company's market cap, currently at $524 billion, is roughly half of Micron's $1 trillion and about 60% of SK hynix's $880 billion. CXMT's first-quarter results showed an operating profit of 35.43 billion yuan ($5.2 billion), thanks to rising DRAM prices during the ongoing memory shortage. However, investors are still divided on the company's ranking, with analysts providing differing price targets for the stock.
Written by urgent.news from Tom's Hardware's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
