China's Biggest Memory Chip Stock Is Almost as Good as Micron

Chinese memory chip manufacturer CXMT debuted on the Shanghai stock exchange with an $8.6 billion IPO and $487 billion market cap, becoming the world's fourth-largest DRAM producer with 11% global market share. CXMT reported 874% revenue growth and 51.6% net profit margins in H1 2026, approaching Micron's 63% margins. While CXMT trails competitors by 2-3 technology generations, its rapid expansion and lower pricing strategy pose a growing threat to Micron's market share and profitability, particularly as it enters the high-bandwidth memory market for AI applications by end of 2026.