Chinese memory giant CXMT has overtaken Tencent Holdings as the most valuable public company in China, underlining the speculative frenzy around memory companies at the moment.
The chipmaker debuted on the Shanghai Stock Exchange on July 27, and its shares surged 467 percent on their first day of trading. CXMT’s market capitalization later reached $524 billion, according to Bloomberg.
CXMT’s market capitalization reached approximately $524 billion 17 days after its IPO, surpassing Tencent’s roughly $511 billion valuation. The crossover came as CXMT remained near its post-IPO valuation and Tencent shares declined following a sharp increase in the company’s AI infrastructure spending.
Strategically important position in China
While CXMT is the...
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