CXMT's planned IPO could set up a China memory supply ramp
Recent export gains from YMTC and CXMT appear to reflect higher pricing more than unit growth, but CXMT's planned RMB 29.5 billion STAR Market IPO could fund a future supply ramp that shifts memory-market conditions.
From the sources (4 posts)
@semianalysis_Bottom line: track China pricing vs. volume closely. It’s the cleanest early warning for when YMTC and CXMT may actually start to ramp supply, and the first signal that market conditions could shift. Check it out here: (5/5)
@semianalysis_CXMT’s upcoming ~RMB 29.5bn (~$4.3bn) STAR Market IPO makes future supply more tangible. Even before units hit the market, the funding sets the stage for a potential ramp. (4/5)
@semianalysis_At first glance, exports from CXMT and YMTC China fabs are climbing. But most of that “growth” isn’t units, it’s higher pricing. True volume gains are still limited.(2/5)
@semianalysis_Key question for the global memory market: Are China-based players flooding the market, or just benefiting from price premiums? With CXMT pulling forward its IPO to fund expansion and analysts questioning whether this could threaten the pr