Here’s a fun paradox in the semiconductor cold war: the US has spent years trying to slow China’s chip ambitions, and China’s leading memory chipmaker just posted revenue growth that would make a SaaS startup blush.
Changxin Memory Technologies, better known as CXMT, reported first-quarter 2026 revenue of approximately $7.3 billion. That’s a 700% year-over-year increase. For context, the company’s entire 2025 revenue was about $8.6 billion, meaning it nearly matched a full year’s haul in a single quarter.
The export control tightrope
Since October 2022, US export controls have required licenses for shipping equipment and technology needed to produce DRAM at 18nm half-pitch or below. The intent was straightforward: keep China from manufacturing cutting-edge memory chips that power everything from AI servers to military systems.
Yangtze Memory Technologies Co., another major Chinese chipmaker, was placed on the Bureau of Industry and Security’s Entity List in 2022. That move effectively cut YMTC off from critical American tooling and know-how.
