China's CXMT becomes most valuable Chinese company at $524B

Memory maker ChangXin Memory Technologies (CXMT) overtook Tencent to become China's most valuable company, reaching a $524 billion valuation just 17 days after its IPO.

Why it matters: This follows YMTC's climb into the top three global NAND makers, showing AI-driven memory demand is reshaping the balance of power inside China's chip industry, not just its export competitiveness. A memory maker outranking Tencent signals how much market value is shifting toward AI infrastructure suppliers and away from consumer internet incumbents.