Beijing-backed CXMT soared 466% on its stock‑market debut, reaching a market capitalization of $484 billion after the first day of trading in Shanghai. This valuation topped Industrial and Commercial Bank of China, making CXMT the most valuable company listed on mainland China’s exchanges, just shy of Hong‑kong‑listed Tencent.\n\nFounded only a decade ago, CXMT is China’s national champion in the fast‑growing memory‑chip business, a sector long dominated by South Korea’s SK Hynix and Samsung and the U.S.’s Micron Technology. The company has been gaining share in the global memory market as demand for dynamic random‑access memory (DRAM) surges.\n\nDRAM prices have skyrocketed due to high demand from artificial‑intelligence firms, prompting manufacturers to raise prices on products ranging from iPhones to cars.

Apple Chief Executive Tim Cook has reportedly pitched U.S. officials on a plan to use CXMT and other Chinese chips in Apple products sold outside the United States, a move that Micron warns would hurt U.S. industry.\n\nThe exuberant investor response to CXMT’s initial public offering followed the company’s torrid growth in recent quarters, reflecting confidence in its ability to compete with established memory‑chip giants and benefit from the AI‑driven chip shortage.