In a disclosure lodged with the Shanghai Stock Exchange on 16 October 2026, ChangXin Memory Technologies — the country's largest producer of memory chips, also known as CXMT — put its net profit for the first nine months of 2026 at a figure ranging from 19.6 billion to 19.8 billion dollars. Converted to yuan, the figure lands somewhere between 131 billion and 132.5 billion. Those figures were assembled internally by the company and have yet to undergo the independent audit that would render them final.
Over the same period in 2025, CXMT recorded a net loss of 5.3 billion yuan. Revenue for the first nine months of 2026 totalled somewhere between 265 billion and 270 billion yuan, compared with 32.1 billion yuan posted during the same period twelve months prior — a figure more than eight times larger.
Three factors were cited by CXMT to account for the shift: heightened demand from the AI sector has tightened conditions in the DRAM market since the latter part of 2025, the company expanded its production footprint, and yields per silicon wafer improved. CXMT paired its audited annual results with a disclosure of plans to substantially expand production capacity, and funding for that next phase of expansion is now in place.
A share repurchase of between 1 billion and 2 billion yuan over a 12-month window was put forward by Zhu Yiming, who holds the chairmanship. Up to the point the filing was submitted, the repurchase programme had not yet seen any shares change hands.
When CXMT began trading on the Shanghai exchange that July, its share price climbed by 466 per cent over the course of its opening session. Trading activity on 16 October pushed the stock up by 3.28%, landing at 45.02 yuan per share and placing the firm's total market worth at roughly 3.06 trillion yuan.
Shares of Micron Technology (NASDAQ: MU) closed lower by 5.63%, settling at $878.84 on that trading session. Shares across the semiconductor industry retreated together on that day, with SK Hynix declining 6.58% and SanDisk (NASDAQ: SNDK) shedding 6.85% of its value. On 16 October, the share-price declines posted by competing chipmakers outpaced those recorded by Micron. Following the selloff, Micron's total market capitalisation settled at $994.34 billion, stopping just short of the trillion-dollar threshold.
Because CXMT does not trade on any American exchange, Micron stands as the closest proxy among US-listed equities for investors tracking developments in this space. Revenue totalling $37.701 billion flowed into Micron's accounts over the course of its fiscal fourth quarter. That three-month period generated revenue exceeding CXMT's entire nine-month accumulation, against a backdrop of $133.19 billion recorded across Micron's full year.
Trade rules put in place by Washington restrict the flow of cutting-edge semiconductor manufacturing equipment to China, with the tightest constraints falling on the tools needed to produce high-bandwidth memory — the vertically stacked chips that power AI server infrastructure. Agreements covering what the company describes as the overwhelming share of its HBM output through calendar year 2027 have been finalised, Micron indicated. During the earnings call held on 30 September 2026, no remarks addressing Chinese competitors were put forward.
Micron's stock was trading roughly 30% beneath its record high at the time, with the chipmaker projecting first-quarter revenue of $8.7 billion, subject to a variance of $200 million in either direction. Micron's chief financial officer indicated that profitability would hold above any historical cycle peak even at floor-level pricing, though two separate factors stood to put pressure on that trajectory. One scenario identified involves Micron's upcoming quarterly results landing below the lower boundary of its own projected range.
Chipmakers have historically moved through a recurring pattern in which constrained supply drives prices upward, the resulting revenues fund expanded production capacity, and the eventual increase in new output brings prices back down. Micron's leadership noted that visibility into when chip supply and demand would converge remained absent, a position the company underpins with forward-sale commitments covering more than three-quarters of its projected 2027 production.
