Less than three weeks after its blockbuster Shanghai debut, China’s top DRAM producer has pushed past Tencent to become the most valuable listed company in the country. CXMT closed the session on August 13 with a market capitalization of $524B, edging out the internet giant, which ended the day at $510B.
The crossover happened without a CXMT rally, as its own shares slipped 1.2% on the day. Tencent did the heavy lifting, sliding 5.34% after quarterly results showed AI-driven capital spending jumping 176% year over year to RMB 52.8B. The stock is down more than 26% in 2026.
Investors now prize AI hardware over the platforms built on it. Gary Tan, a portfolio manager at Allspring Global Investments, read the crossover as a market verdict that chips now outrank clicks, and he expects the gap to widen as agentic AI takes a larger share of internet traffic.
The memory maker’s customers include some of the very companies it now outranks in value. Tencent signed a $3B server DRAM agreement with CXMT in June, and ByteDance agreed to a five-year deal worth over $7B in July. Server chips went from 8.4% of CXMT revenue in 2024 to 26.5% in the most recent quarter.
CXMT listed in Shanghai in late July with a first-day surge of 466%, and MSCI added it to the China All Shares Index on August 10. It is the world’s fourth-largest DRAM supplier and the favored proxy for China’s push toward semiconductor self-sufficiency.
