Apple-led Chipmaker Rises in Market Debut
CXMT, a Chinese memory chipmaker favored by Apple, debuted on the market with a 466% increase in its shares, briefly making it the most valuable Chinese publicly listed company with a market cap just below $490 billion. The company raised over $8.5 billion from its IPO, which was highly oversubscribed, and its valuation reflects the surge in demand for high-speed memory chips driven by AI technology. Despite the impressive debut, CXMT's valuation remains below that of competitors like SK Hynix, Micron, and Samsung, all of which have seen their market values increase amid the AI boom. Apple’s interest in CXMT’s chips is noted amid broader discussions about sourcing Chinese memory chips despite restrictions related to its alleged ties to the Chinese military.
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