The memory crisis has turned this Chinese manufacturer into an unlikely giant: CXMT has multiplied its profits by 18

CXMT, China’s leading DRAM maker, posted a Q1 net profit of 24.7 billion yuan on revenue of 50.8 billion yuan, far above a year earlier.

The surge was driven by higher DRAM prices amid a global memory shortage fueled by AI demand.

CXMT plans to raise 29.5 billion yuan in a STAR Market IPO to expand and upgrade production.

Chinese tech firms and PC makers are weighing CXMT chips, while the U.S. considers new trade curbs.