AI Memory Stocks Repricing: CXMT’s Record A-share Debut vs Micron / SanDisk

SG Visual Research
07-28
$美光科技(MU)$  

$长鑫科技(688825)$  

CXMT (688825.SH) became one of the most closely watched semiconductor listings in China.

IPO price: RMB 8.66First-day close: RMB 49.00First-day gain: about 465.82%Market cap: about RMB 3.28tn

The key question is not only the first-day rally.

It is whether China’s DRAM asset should be valued in the same conversation as global AI memory and storage peers, such as Micron, Western Digital and SanDisk.

On 2025 revenue, CXMT looks expensive. But on 2026H1E annualized revenue and profit, the valuation story becomes more comparable.

This is why CXMT’s debut is not just an IPO event. It is a global AI memory valuation test across AI memory demand, domestic substitution and DRAM cycle recovery.

Memory is cyclical. Watch DRAM pricing, capacity expansion, technology gap, profitability and global peers.

For research and educational purposes only. Not investment advice.


Two Sessions Undid Friday's Rally: Memory Supercycle Over?
Memory split: SK Hynix +4.83%, Micron −1.61%, SanDisk −0.12% — the same names that rallied together on Friday, SanDisk +12%, Micron +6%. The tightness is real: the shortage is spreading from HBM into DRAM and NAND, and Korean brokers put Samsung's and SK Hynix's inventories below ten days. The crack: Kioxia denied merger talks with SK Hynix and signalled it would cool price rises — the opposite of the tight-supply story. The counterparty to higher prices is not just the customer but rivals who want to keep that customer. Follow SK Hynix on inventory, or wait for Kioxia's stance to hit quotes?
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