Chinese chipmaker CXMT hits $524B surpassing Tencent's $510B valuation
Business
Big news in the tech world: CXMT, a Chinese chipmaker, has overtaken Tencent to become the country's top company by market value.
On Thursday, CXMT hit $524 billion, leaving Tencent at $510 billion.
The company debuted in Shanghai last month, and its stock skyrocketed by 467% on day one, with another 8% bump soon after.
CXMT now 4th-largest DRAM producer globally
CXMT is now the fourth-largest DRAM producer globally and was just added to a major stock index, boosting its profile even more. This surge highlights China's push for homegrown chips and AI tech.
Meanwhile, Tencent's shares have dropped more than 26% this year, partly because investors are worried about its big spending on AI projects.