The US-blocked company plans to use the proceeds to improve production lines and technology after posting explosive growth, including first-quarter revenue of 50.8 billion yuan, a 700% year-on-year increase. Reuters estimates that CXMT held about 7.7% of the global DRAM market last year.
These deals follow SpaceX (SPCX) and Cerebras (CBRS), two AI-related listings that have fueled enthusiasm in semiconductor and memory stocks. Together they reinforce a broader theme: Investors are allocating fresh capital to companies building the infrastructure behind artificial intelligence rather than crypto assets.
bitcoin has fallen roughly 50% from its October all-time high to around $63,000 as investors have increasingly favored AI infrastructure plays over digital assets.
The pipeline is far from empty.
OpenAI and Anthropic have been talked about as companies that could eventually reach valuations approaching $1 trillion.
While market expectations had pointed to IPOs as early as this year, growing investor concern over AI valuations and cooling semiconductor stocks could delay those listings until 2027.
Still, another wave of AI megadeals would likely continue to drain liquidity from cryptocurrencies.
