The Memory-Chip Battle Is on as China’s CXMT Posts Explosive Earnings Report

Memory-chip maker CXMT is China’s largest company by total market capitalization. (CN-STR/AFP via Getty Images)

Key Points

• ChangXin Memory Technologies reported net income of 117.1 billion yuan ($17.4 billion) for the first half of 2026 as chip demand soared.
• The results mark the memory-chip maker’s first earnings report since going public in July.
• With a market capitalization of 3.28 trillion yuan, ChangXin Memory Technologies has become China’s most valuable company.

ChangXin Memory Technologies has ridden the artificial-intelligence boom to become China’s most valuable company—and soaring revenue may help power shares even higher next week.

The memory-chip maker filed its first earnings report since going public in July on Friday. For the first half of 2026, it posted net income of 117.1 billion yuan ($17.4 billion), as revenue soared 150.3 billion yuan.

Both figures were up sharply as chip demand soars. For the last fiscal year, CXMT reported a net loss of 2.3 billion yuan and revenue of 15.4 billion yuan.

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The results could extend CXMT’s stellar start to life as a public company. Shares surged 466% on their trading debut in Shanghai a month ago and have continued to rack up gains since then.

As of Friday’s close, the company had a total market capitalization of 3.28 trillion yuan—making it China’s largest, ahead of the likes of videogame giant Tencent and online retailer Alibaba .

The surge in revenue comes amid a surge in demand for high-speed memory chips, which are needed to process data for AI. Rivals Micron , SK Hynix , and Samsung have also racked up significant gains over the past year.

Write to George Glover at george.glover@dowjones.com

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