CXMT stock surges 470% on debut, hitting $480B market cap

长鑫存储上市首日股价飙升470%

China's top memory chip maker CXMT closed at 49 yuan on its Shanghai debut, up roughly 470% from its 8.66 yuan IPO price. Its market cap hit over $480 billion, overtaking ICBC as the largest on the Shanghai exchange. The frenzy rides on surging memory demand from AI data centers: CXMT's Q1 revenue neared $7.5 billion, up over 700% year-on-year, and its global share rose from 3% to 8%. The post doesn't break down how much of the rally came from retail vs. institutional investors.

Why it matters: CXMT's IPO is a milestone for the AI hardware supply chain: 470% first-day pop, $480B+ market cap, Q1 revenue of $7.5B with 700% YoY growth, global DRAM share jumping from 3% to 8%. All three HKR axes hit — the numbers are eye-popping, the data is concrete, and it resonates wi...