China's biggest memory chipmaker CXMT just reported preliminary results for the first nine months of 2026, and the AI memory boom is showing up in a big way

Revenue is expected at 265B to 270B yuan, about $39.7B to $40.4B, up roughly 726% to 742% from about $4.8B in the same period last year

Net income is expected at 131B to 132.5B yuan, about $19.6B to $19.8B, flipping from a 5.28B yuan loss a year ago

That works out to a net margin near 49%

CXMT credited AI computing demand and a DRAM upcycle, with products in short supply and prices rising sharply, plus its own capacity expansion and process upgrades

Chairman Zhu Yiming also proposed buying back 1B to 2B yuan of the company's A shares

Per TrendForce, CXMT was already the world's 4th largest DRAM maker in Q2 with 9.5% share, up from 7.6% in Q1, behind Samsung at 39.4%, SK Hynix at 24.9% and $Micron Tech(MU.US) at 23.3%

$Micron Tech(MU.US) is down about 3.6% today near $898

A Chinese memory maker keeping nearly half of every dollar of sales as profit tells you how tight DRAM supply really is right now. The shortage is lifting everyone, but CXMT is also the one supplier outside the big three adding capacity this fast, and every point of share it takes in conventional DRAM is supply that leans on pricing once AI demand cools. Near term this confirms the memory upcycle. The longer term question for $Micron Tech(MU.US) is what CXMT's buildout does to prices when the cycle turns

Source: StockMarket.News