China’s CXMT tops $500b market value, surpasses Tencent
Founded in Hefei in 2016, CXMT makes dynamic random-access memory, or DRAM, chips for AI servers, cars, smartphones, and personal computers.
CXMT, a Chinese company that makes dynamic random-access memory (DRAM) chips, has become the country's most valuable company. The company, founded in Hefei in 2016, supplies chips for use in AI servers, cars, smartphones, and personal computers.
CXMT's market value surpassed $500 billion, overtaking Tencent Holdings, according to The Business Times - Companies & Markets. This ascent is seen as a shift towards a new generation of hardware companies aligned with Beijing's strategic ambitions, particularly in the field of AI.
The change in investor attention away from private-sector giants like Tencent and towards state-backed companies like CXMT began in 2020 when Beijing cracked down on the private sector. This shift has continued, with big tech names like Alibaba and Tencent experiencing a decline in value, while CXMT has risen to the top.
Brief written by urgent.news from Tech in Asia, The Business Times - Companies & Markets — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
