China's CXMT memory-chip maker now worth over $500B overtakes Tencent
Business
Big news in China's business world: CXMT, a memory-chip maker, has overtaken tech giant Tencent to become the country's most valuable company, now worth over $500 billion.
This marks a major shift as investors and the government are putting their bets on hardware and advanced tech instead of traditional internet giants.
Alibaba and JD.com MSCI weights halved
Companies like CXMT are rising fast while big names like Alibaba and JD.com are losing ground: their influence in the MSCI China All Shares Net Total Return Index has dropped by more than half since 2020.
With Beijing focusing on AI, robotics, and chipmaking to compete globally, it looks like hardware firms are set to lead China's next tech wave.