Memory maker CXMT overtakes Tencent to become China's most valuable company 17 days after its IPO — now worth $524 billion

Memory maker CXMT overtakes Tencent to become China's most valuable company 17 days after its IPO — now worth…

CXMT became China's most valuable ($524B) 17 days after IPO, overtaking Tencent whose 176% capex for AI infrastructure eroded cash flow. Market value now flows to DRAM suppliers over software platforms—hardware bottlenecks control AI competitive advantage.