CXMT & China DRAM Threat

CXMT IPO at 308x PER, plans 600k wafers/month by end-2026, nearly matching Micron's 375k WSPM. Price war risk with $138 modules vs $300-400 incumbents. Apple is now lobbying to use CXMT chips to lower costs, adding geopolitical pressure. Micron pushing back; US restrictions and HBM lag limit near-term disruption, but long-term overcapacity risk remains. Recent reports indicate CXMT capacity is closing in on Micron's, intensifying the threat.