January 3, 2026
RAM-bunctious comment brawl
China DRAM Maker CXMT Targets $4.2B IPO as It Takes on Samsung, SK Hynix, Micron
PC builders cheer, skeptics side-eye ASML gap, everyone begs for cheaper RAM
TLDR: CXMT filed for a $4.2B IPO to expand its memory chip business and challenge Samsung, SK Hynix, and Micron. Commenters are split between cheering for cheaper RAM and blasting tech limits (no ASML gear) and pricing games—because if CXMT wins, your next PC might finally cost less.
China’s CXMT just filed for a huge $4.2B IPO on Shanghai’s STAR Market to muscle into the global memory game, and the comments section turned into a full-on RAM rally. Fans are hyped that a new player could finally crack the “three giants”—Samsung, SK Hynix, and Micron—and bring prices down. One user basically rang the dinner bell for competition: “Your margin is my opportunity.”
But the skeptics came in hot. The top eyebrow-raise: ASML—the Dutch company that makes the lithography machines everyone else uses. As one commenter put it, they’re “curious” how CXMT competes without them. Others dropped homework links about the DRAM industry’s infamous “memory chicken game”—a cycle of overbuilding, price crashes, and stare-downs between giants—complete with receipts from SemiconSam.
Meanwhile, PC builders are fuming. “RAM costs like a GPU now,” gripes one, while another vents that “big corporations” drained the market. The mood: please let this IPO mean cheaper sticks. For context, CXMT claims it’s already No. 4 globally, sells modern DDR5 and LPDDR5X chips (that’s memory for PCs and phones), and thinks 2025 will finally turn profitable thanks to AI demand and rising prices. Bulls see relief for wallets; bears see the same old price games with a new face. Either way, the comments are RAM-bunctious.
Key Points
- •CXMT filed a prospectus to list on Shanghai’s STAR Market, aiming to raise up to CNY 29.5 billion (~USD 4.22 billion).
- •Proceeds will fund upgrades to DRAM manufacturing lines, advance process technologies, and support next-generation DRAM R&D.
- •CXMT claims top capacity in China and fourth globally, with an IDM model and a portfolio covering DDR4/DDR5 and LPDDR4X/LPDDR5/5X.
- •Omdia estimates place Samsung, SK Hynix, and Micron as the top DRAM makers in 2024; CXMT’s global market share reached ~3.97% in Q2 2025.
- •From 2022–H1 2025 CXMT earned ~CNY 57b revenue but incurred ~CNY 40.86b net losses; it forecasts 2025 revenue CNY 55–58b and net profit CNY 2–3.5b amid AI-driven demand and tighter supply.