China's CXMT (688825.SS) said on Friday it swung to a net profit in the third quarter as surging AI-driven demand drove prices higher for its memory chips.
While global tech stocks teeter, in China they have already crashed as lofty valuations collapse under worries about AI demand and curbs on Chinese exports.
China's top memory chipmaker, CXMT (688825.SS), will supply its latest LPDDR6 DRAM chips for Xiaomi's upcoming flagship folding phone, the companies said on Saturday.
CXMT Corp.'s first-half revenue leapt almost 10-fold while profit surged, reflecting a rush for AI hardware that's made the memory chipmaker China's most valuable business.