CXMT (China Memory Technologies) export restrictions persist, shaking SK Hynix and Micron equity valuations—ongoing supply-chain shock threatening memory chip availability for AI infrastructure buildout.

ChangXin Memory Technologies (CXMT), China's fourth-largest DRAM manufacturer, surged 466% on its listing debut on July 27, achieving a market capitalization of 3.3 trillion yuan (approximately 701 trillion won). The IPO's explosive success has rippled across global semiconductor markets, triggering sharp declines in competitors' valuations.

South Korea's KOSPI, heavily weighted toward SK hynix and Samsung Electronics, has slid approximately 40% over the past month as investors liquidated leveraged positions. The U.S. Nasdaq 100 Index has fallen roughly 10% from its June high, nearing technical correction territory, according to analysis by Hong Kong's South China Morning Post.

The market dislocation stems from how major chipmakers have strategically concentrated production capacity on high-bandwidth memory (HBM) to capitalize on surging demand from AI data centers. This focus has left general-purpose DRAM—used in home appliances, smartphones, and personal computers—undersupplied and vulnerable to new competition. CXMT's entry into that market segment, combined with reported trials of its chips by Apple, signals China's advancing position in semiconductor manufacturing. The SCMP characterized the development as "the latest sign showing that [China] can take a larger share of demand currently monopolized by foreign companies," particularly following China's announced imminent delivery of domestically developed deep ultraviolet (DUV) lithography equipment and Moonshot AI's recent launch of its Kimi K3 open-weight model featuring 2.8 trillion parameters.

SK hynix shares have plummeted 50% over the past five weeks despite the company posting explosive revenue and operating profit growth. The UK Financial Times assessed the stock as undervalued, trading at less than three times the forward price-to-earnings ratio based on projected earnings two years ahead under sustained demand scenarios. However, the FT cautioned that "there is a risk that SK hynix faces weakening demand if issues arise such as Big Tech halting data center investment or restrictions on data center construction due to power and water problems."