AI Memory Stocks Repricing: CXMT’s Record A-share Debut vs Micron / SanDisk

SG Visual Research
07-28
$美光科技(MU)$  

$长鑫科技(688825)$  

CXMT (688825.SH) became one of the most closely watched semiconductor listings in China.

IPO price: RMB 8.66First-day close: RMB 49.00First-day gain: about 465.82%Market cap: about RMB 3.28tn

The key question is not only the first-day rally.

It is whether China’s DRAM asset should be valued in the same conversation as global AI memory and storage peers, such as Micron, Western Digital and SanDisk.

On 2025 revenue, CXMT looks expensive. But on 2026H1E annualized revenue and profit, the valuation story becomes more comparable.

This is why CXMT’s debut is not just an IPO event. It is a global AI memory valuation test across AI memory demand, domestic substitution and DRAM cycle recovery.

Memory is cyclical. Watch DRAM pricing, capacity expansion, technology gap, profitability and global peers.

For research and educational purposes only. Not investment advice.


SanDisk Reports Wednesday: Can Supply Tightness and Price Hikes Enter Guidance?
SanDisk reports quarterly results after market close Wednesday alongside Western Digital, making the pair this week's critical read on the memory sector. The central focus is whether NAND pricing power and raised guidance can reflect the memory supply constraints and cost increases already confirmed by Apple and Amazon management. The stock has surged over the past year before recently turning volatile, with some analysts projecting Western Digital will reclaim its highs sooner. With customers already acknowledging shortages, how many more quarters can supply-side pricing hold?
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