00:00China's AI is back in the game.
00:02Now investors are turning their focus to CXMT,
00:06a secretive chip giant coming to market.
00:09CXMT, also known as Changshin Memory Technologies,
00:12raised $9.8 billion in its Shanghai IPO,
00:17making it the second biggest ever in China
00:19and the largest in Asia since 2022.
00:22The once little-known chip maker
00:24has emerged as one of the world's most important.
00:27Taking on rival memory giants
00:29Samsung Electronics, SK Hynix, and Micron.
00:33Over the past decade,
00:35CXMT has been secretly amassing the technology,
00:39funding, and also government support
00:41as it continues to build a network of homegrown suppliers
00:45to reduce reliance on foreign companies.
00:48The near-record listing is spurring foreign investors
00:51who lack access to the mainland IPOs
00:54to seek proxies for exposure.
00:56Many of them are snapping up hardware stocks,
01:00CXMT suppliers, and even Chinese banks that are investors,
01:04even as some remain cautious of the risk
01:07from the geopolitical tensions between China and the U.S.
01:11Now all eyes are on CXMT
01:13as it looks to shake up the trillion-dollar memory chip market
01:18and accelerate Beijing's AI ambitions.
01:20We'll see you next time.
01:20We'll see you next time.
01:20We'll see you next time.
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