Tech stocks fell sharply on Tuesday after China's ChangXin Memory Technologies (CXMT) said over the weekend that it had made significant progress on a new, more efficient memory architecture that packs more data into less space. The news spooked investors because CXMT is China's leading rival to global memory makers such as Micron, SK Hynix and Samsung. Micron was down 3.7% in premarket trading, SK Hynix's Korean-listed shares closed 10% lower, and Samsung Electronics fell 7.4%. CXMT soared nearly 466% in its July Shanghai STAR Market debut and still carries a market cap of 3.46 trillion yuan ($520 billion). Its share of the global DRAM market has risen to around 10% from about 4% a year earlier, according to an HSBC note, and Apple has reportedly begun testing its DRAM chips for devices sold in China.
Summary written by Upside AI from the original article. Read the source for full details.
Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.5T |
| Close on 10/12/2026 | 226.32 |
| Change that session | -1.29% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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