KI-Boom: CXMT steigt zu Chinas wertvollstem Börsenkonzern auf

China's Changxin Technology (CXMT), a newcomer to the stock market just a few weeks ago, has surged to become the country's most valuable publicly-traded company, surpassing Tencent. On Thursday, CXMT's stock value reached an estimated 455 billion Euros, edging out Tencent's 442 billion Euros despite the internet giant's recent losses.

Following a strong Friday, CXMT further widened its lead over Tencent, while the latter remained significantly larger in terms of revenue. Tencent, known for its messaging app WeChat and gaming platform, generated 401 billion Yuan ($52 billion) in the first half, while CXMT projected revenues between 110 and 120 billion Yuan, or less than a third of Tencent's.

The high valuation is primarily driven by expectations surrounding the artificial intelligence (AI) boom, which requires substantial amounts of memory chips for AI servers and data centers. However, the supply is scarce, and prices have skyrocketed since late last year. As a result, CXMT, the world's fourth-largest producer of these chips, has experienced a surge in business.

The advantage over Tencent is further fueled by the weaknesses of the latter, which has heavily invested in data centers and AI technologies, but concerns over excessive spending have dampened its stock price. Beijing's goal of making China less dependent on foreign semiconductor chips aligns with CXMT's rise. Major shareholders include Chinese state funds and regional investment companies.