Overview
- CXMT passed Tencent in market value on Thursday, August 13, 2026, reaching about $524 billion as Tencent’s valuation fell to roughly $510–511 billion.
- The rise followed CXMT’s July 27 Shanghai STAR Market listing, which raised about $8.6 billion and posted an initial roughly 466–467% first-day jump that tightened the stock’s free float.
- The company reported a swing to operating profitability and disclosed large server DRAM contracts, including a $3 billion deal with Tencent and a multi‑year agreement worth over $7 billion with ByteDance.
- Analysts warn that CXMT still lacks some advanced manufacturing tools such as EUV lithography and faces U.S. national‑security scrutiny after being flagged by the Pentagon, which could limit its access to overseas customers and equipment.
- Markets are shifting money toward firms tied to AI infrastructure, but CXMT’s valuation remains well below peers like Micron and SK hynix and analysts disagree sharply on its fair value, leaving the stock’s top ranking uncertain.