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According to South Korea's Digital Daily, Apple has recently negotiated with Changxin Memory Technologies (CXMT) on the supply prices of mobile DRAM such as LPDDR5X to reduce costs for the next generation of iPhones and smart devices, but was rejected. Changxin Memory insists on maintaining a price level comparable to or even higher than that of Samsung Electronics and SK Hynix, breaking Apple's usual bargaining advantage as an end manufacturer.The report analyzes that Chinese terminal companies such as Huawei and Xiaomi have locked in a large amount of Changxin Memory's production capacity through long-term high-price contracts, providing a solid price defense line in the domestic market. Meanwhile, Samsung Electronics and SK Hynix are facing reduced supply of general DRAM due to the continuous expansion of HBM capacity, combined with Changxin Memory holding the price floor, significantly alleviating the shipping pressure and price decline risks for Korean manufacturers in the general DRAM sector, allowing them to focus resources on high-value AI storage products such as HBM4, LPCAMM2, and eSSD. Industry insiders expect that in the second half of the year, the operating profit margins of the Korean semiconductor camp and global market pricing power will further strengthen.

According to the latest research by TrendForce, the tight supply of DRAM is expected to continue until 2027, and the uncertainty of the HBM4e verification schedule is prompting AI chip manufacturers to consider reducing the HBM configuration of their next-generation products. Starting from Q3 2026, NVIDIA has begun evaluating the HBM solution for Rubin Ultra, expanding from the original 12-Hi HBM4e to alternative options such as 8-Hi HBM4e, 12-Hi HBM4, and 8-Hi HBM4, with the final specifications yet to be determined. Previously, due to the expected supply bottleneck of LPDDR5X lasting until 2027, NVIDIA decided to halve the SOCAMM capacity of the next-generation Vera Rubin Superchip module.TrendForce pointed out that the main reasons for the downgrade of Rubin Ultra from 12-Hi HBM4e include: the overall DRAM shortage in 2027 will limit the allocation of wafer capacity to HBM, and there is still uncertainty regarding the mass production schedule and yield ramp-up of 12-Hi HBM4e. It is expected that the HBM bit shipment volume in 2027 will increase by approximately 50-60% year-on-year, which will still be insufficient to meet the growth in demand. HBM suppliers will maintain pricing power throughout 2027, and HBM prices are expected to rise significantly. The final configuration will depend on the wafer allocation decisions of memory suppliers.

According to Counterpoint Research data, in the second quarter of 2026, the global DRAM market saw Samsung Electronics regain the top position with a 39% market share, significantly rebounding compared to the same period last year; SK Hynix's share fell from 39% in the same period last year to 26%, despite a 214% year-on-year revenue growth; Micron followed closely with a 25% share, only 1 percentage point behind SK Hynix. Counterpoint pointed out that Samsung achieved a rebound driven by the growth in general DRAM demand and the expansion of its share in the HBM sector.General DRAM prices rose significantly month-on-month, while the average price of HBM declined year-on-year due to the drop in HBM3E prices and delays in HBM4 shipments. Changxin Storage saw a 716% year-on-year revenue growth, benefiting from strong domestic general DRAM demand and capacity expansion; Nanya Technology grew by 690% year-on-year, benefiting from the expansion of DDR/LPDDR4/5 supply. Counterpoint predicts that with the shipments of NVIDIA Vera Rubin and AMD Instinct MI455X, HBM4 shipments will significantly increase in the second half of the year, and the improvement in product mix is expected to support a rebound in HBM prices.

According to Reuters, informed sources say that Changxin Storage is considering building a second 12-inch DRAM wafer fab in Beijing's Yizhuang and is negotiating financing with the Beijing Economic and Technological Development Zone and several state-owned technology companies. The company is seeking at least 60 million yuan (approximately 8.9 million USD) in support, but negotiations are still in the early stages, and the scale and structure of the financing may be adjusted.The proposed factory will be located at the site of Changxin Storage's existing DRAM wafer fab in Beijing. The planned production capacity and total investment for the project have not yet been determined, while building a fab capable of producing advanced DRAM typically requires over 10 billion USD. Currently, Changxin Storage operates two 12-inch DRAM wafer fabs in Hefei and one in Beijing, each with a monthly production capacity of about 100,000 wafers. Changxin Storage is also building new factories in Shanghai and Hefei, and once the related projects are fully operational, the company's monthly production capacity could double to over 600,000 wafers.This expansion comes as demand for storage chips is driven by AI infrastructure, data centers, and consumer electronics entering an upward cycle. The company completed an 8.6 billion USD IPO last month, marking the largest fundraising for a semiconductor company listed in mainland China, and its stock price has risen by 13% since going public. Changxin Storage is currently the fourth largest DRAM manufacturer in the world, but Samsung Electronics, SK Hynix, and Micron together still account for nearly 90% of the global market share in the first quarter. Beijing and Shanghai are also providing funding and other support to Changxin Storage to gain economic and strategic benefits from its expansion.

According to DIGITIMES, industry insiders revealed that the three major memory manufacturers have completed the capacity allocation negotiations for the entire year of 2027 in advance, with both DRAM and HBM capacities sold out. In terms of NAND Flash, although it is not as tight as DRAM, it is expected that the capacity will also be fully booked by the end of August 2026. ADATA Chairman Chen Libai confirmed that applications related to HBM and AI servers will account for nearly 70% of DRAM capacity, while the supply of DRAM for PCs and mobile phones will be relatively limited.Industry assessments indicate that Samsung, Micron, and SanDisk's NAND capacity for the entire year of 2027 has also been pre-sold, with Kioxia and SK Hynix expected to confirm by the end of August. SK Group Chairman Chey Tae-won previously stated that the demand for AI semiconductors in 2027 is expected to increase by 60-100% compared to 2026, with storage demand expected to grow by 50-60%, leading to a potential widening of the supply-demand gap and possibly facing "the most severe shortage in history." Industry insiders pointed out that the capacity allocation model is more orderly compared to 2026, but the amount that manufacturers can provide is usually only 60-70% of customer demand, leaving some small and medium buyers still facing the dilemma of having no products to purchase. The price increase of memory may slow down in 2027, but remaining high could become the norm.

According to Binance spot market data, the market has experienced significant fluctuations. KAITO has dropped by 13.11% in the last 24 hours, reaching a new low for today.At the same time, DRAMB, ZEC, and ZEN have all reached their highest prices in 24 hours, with increases of 5.51%, 5.44%, and 5.46% respectively. COTI has shown a rebound after hitting a low, with an increase of 8.03%.Among other tokens, 0G has reached a new low for the week, with a decrease of 19.78%; DODO and PORTAL have both shown a "high and then low" state, with decreases of 7.29% and 5.77% respectively.NIL has also shown a "high and then low" state, with a decrease of 10.74%.

This week, the American ETF management firm Roundhill made significant adjustments to its DRAM-themed fund. In addition to previously reported inclusion of CXMT (Changxin Technology) in its holdings with a weight of 2.52%, it also reduced its position in Samsung Electronics.From Monday to Wednesday, the Roundhill DRAM-themed fund sold approximately 1 million shares of Samsung Electronics each day, totaling 3 million shares over three days, worth about $432 million.The top three holdings of the Roundhill DRAM-themed fund are currently Samsung Electronics, Micron Technology, and SK Hynix, with weights of 26.39%, 24.54%, and 22.77%, respectively. Other major holdings include Seagate Technology, Western Digital, SanDisk, Kioxia, Nanya Technology, and Zhaoyi Innovation.

Roundhill Memory ETF (DRAM) has included CXMT (Changxin Technology) in its holdings, with a weight of 2.52%.The DRAM ETF focuses on memory chip companies. As of August 2, the top three holdings of this ETF are Samsung Electronics, Micron Technology, and SK Hynix, with weights of 26.39%, 24.54%, and 22.77%, respectively. Other major holdings include Seagate Technology, Western Digital, SanDisk, Kioxia, Nanya Technology, and Zhaoyi Innovation.

According to on-chain analyst Onchain Lens, a trader who has accumulated approximately $6.46 million in profits on the Hyperliquid platform established a short position with a total scale of about $8.14 million after depositing 1.5 million USDC.Their main short positions include: SPCX approximately $2.37 million, DRAM approximately $1.3 million, MU approximately $1.11 million, with leverage of 2 times. In addition, the trader has allocated additional short positions across multiple assets.

Leading DRAM manufacturer Changxin Technology (688825.SH) today made its debut on the Sci-Tech Innovation Board, with the intraday increase continuing to expand. As of the time of writing, the stock price is 54.35 yuan, up 527.60% from the issue price of 8.66 yuan, with a transaction amount reaching 117.284 billion yuan, a turnover rate exceeding 56%, and a total market value of approximately 3.63 trillion yuan, firmly maintaining the top position in A-shares. The opening price of the stock was 49.50 yuan, with an intraday low of 38.11 yuan, and the current dynamic price-to-earnings ratio is about 36.70 times.

The domestic DRAM leader Changxin Technology (688825.SH) today listed on the Sci-Tech Innovation Board for the first time, opening at 49.5 yuan, a 471.59% increase from the issue price of 8.66 yuan, with a market value reaching 3.3 trillion yuan, ranking first in A-shares. This IPO raised approximately 57.9 billion yuan (before the full exercise of the over-allotment option), making it the largest IPO on the Sci-Tech Innovation Board to date. Based on the opening price, investors who subscribed earned 20,000 yuan.Nomura Securities simultaneously initiated coverage on Changxin Technology, giving a target price of 116 yuan, based on an expected earnings per share of 5.8 yuan in 2028 and a target price-to-earnings ratio of 20 times, implying an approximate 13.4 times increase from the issue price, with an implied market value of about 7.76 trillion yuan. Nomura believes this valuation is about twice that of Micron, primarily based on expectations of market share growth for Changxin Memory and the valuation premium in the Chinese market.

Domestic DRAM storage IDM leader Changxin Technology will officially list on the Sci-Tech Innovation Board on July 27, with an issuance valuation of approximately 580 billion yuan and a total fundraising amount of 29.5 billion yuan, of which about 22.066 billion yuan is for equipment purchase and installation costs. Industry insiders believe that 2026-2027 is the golden window period for the introduction of domestic equipment.In terms of the supply chain, on the equipment side, North Huachuang has shipped a large volume of various categories such as etching and thin film deposition, Zhongwei Company continues to validate and mass-produce etching and thin film equipment, Huahai Qingshi CMP equipment has entered the core supply chain, and Jingce Electronics and Jingzhida testing equipment are benefiting simultaneously. On the materials side, Yake Technology precursor products cover advanced process needs, Guanggang Gas provides special gases and bulk gases, Jinhong Gas has a gas production order cycle of 15 years, Tongcheng New Materials ArF/KrF photoresists have entered mass production, Jingrui Electric Materials has a market share of over 40% in high-purity hydrogen peroxide, but high-end photoresists are still in the validation stage, and Debang Technology is in the sample testing stage. On the packaging and module side, Huatian Technology is a packaging supplier, Jiangbolong and Demingli have reached procurement agreements, while Maijie Technology is still in the introduction phase. On the distribution side, Shangluo Electronics has been authorized, and there are expectations for supply strategy adjustments after listing. Several listed companies hold shares indirectly through industrial funds, with Shangfeng Cement holding approximately 0.1517% of the equity before issuance.

According to South Korean media Daum, data from the Korea Exchange shows that from July 20 to 23, foreign investors net purchased the South Korean stock market for four consecutive trading days, with a total net purchase of 55.74 trillion won, marking the first consecutive four-day net inflow since April. Among them, Samsung Electronics and SK Hynix became the main recipients of funds, with net purchases of 17.3 trillion won and 27.6 trillion won, respectively, totaling 44.8 trillion won, accounting for over 80% of the total net purchases by foreign investors during the same period. The market believes that tech giants like Google continue to raise their AI capital expenditure expectations, improving the demand outlook for HBM and server DRAM, coupled with the increased attractiveness of the two companies after prior valuation adjustments, driving foreign investment to focus on leading South Korean memory chip manufacturers.

According to BeInCrypto, Tom Lee, co-founder of Fundstrat and chairman of Bitmine, stated that AI funds are rotating from the storage chip sector to Ethereum. He cited data showing that the relative performance of Ethereum compared to the Roundhill Memory ETF (DRAM) has widened to 72 percentage points since June 25—Ethereum has risen 24%, while the DRAM ETF has fallen 38%.The DRAM ETF was launched in April this year and is the first fund to invest solely in storage chip manufacturers, with SK Hynix and Samsung accounting for about 41% of its weight. The fund raised $6.5 billion in 27 trading days, setting a record for the fastest ETF issuance. Lee pointed out that BlackRock's tokenized BUIDL fund and applications like Robinhood Chain are all built on Ethereum, which forms the institutional bullish logic for Ethereum.

According to official news, Gate ETF will launch TSM3L/USDT, TSM3S/USDT, EWY3L/USDT, EWY3S/USDT, DRAM3L/USDT, and DRAM3S/USDT on July 17 at 15:00 (UTC

According to the latest report released by market research firm Counterpoint Research, Chinese memory chip giant Changxin Technology (CXMT) currently holds a 9% share of the global DRAM market (by bit shipments), and this figure is expected to rise to 11% by 2028 (with a revenue share of 9%). The report indicates that Changxin Technology is transitioning from an industry "challenger" to a "strategic player," with a long-term goal of achieving a bit shipment share of 20% and a revenue share of 15% by 2035.However, the report emphasizes that to truly establish a foothold in the global memory market and join the ranks of the "big three DRAM manufacturers," Changxin Technology must cross the global market share threshold of 15% to 17% (about one-sixth). Historical experience shows that in 2008, Taiwanese DRAM manufacturers could not secure the massive funding needed for the research and development of the next generation of fabs after their market share fell below 15%, ultimately causing their market share to plummet to the edge of 3%. Therefore, the 15% share is seen as the core survival line for Changxin Technology to ensure sustainable development and self-sustaining capabilities in the medium to long term.To cross this threshold, Changxin Technology is leveraging newly raised funds to accelerate capacity expansion, planning to double its capacity by 2030 and triple it by 2035. Although facing external challenges such as U.S. equipment export controls and global supply chain access, analysts believe these restrictions may instead act as catalysts, forcing Changxin Technology to accelerate independent innovation in cutting-edge technologies such as Vertical Channel Transistors (VCT) and Wafer-on-Wafer bonding, thereby narrowing the gap with industry leaders.

The domestic DRAM storage chip leader Changxin Technology (688825) has officially opened for new stock subscription. Due to the large issuance scale, this new stock offering has rarely seen a "sunshine market" trend. Institutions predict that the online winning rate will soar to 0.3% to 0.7% (with a neutral expectation of about 0.45%), reaching 10 to 20 times that of ordinary Sci-Tech Innovation Board new stocks. Calculations show that the probability of winning for a single account with an average market value of 200,000 in the Shanghai market is as high as about 18%, and theoretically, an average market value of 1 million can reliably secure 1 winning ticket.The issuance price of the stock is 8.66 yuan per share, and to secure one winning ticket (500 shares), a payment of 4,330 yuan is required. The official winning rate and results will be disclosed on July 17 and July 20 (Monday) respectively, and winners must ensure sufficient funds in their accounts by 16:00 on the 20th. Various institutions have given a neutral expectation, as Changxin Technology's market value is expected to reach 2 trillion to 3 trillion yuan after listing, with the profit margin for a single winning ticket expected to be around 20,000 yuan.If Changxin Technology fully exercises the green shoe mechanism, the total fundraising amount will reach 66.607 billion yuan, setting a new record for the largest IPO on the Sci-Tech Innovation Board, and it will also become the third largest IPO in A-share history. Financial data shows that the company has fully turned a profit, with expected operating revenue in the first half of 2026 reaching 110 billion to 120 billion yuan, and net profit attributable to the parent company reaching 50 billion to 57 billion yuan. The total amount of this strategic placement exceeds 14.4 billion yuan, successfully attracting social security funds, pension funds, as well as 30 major industry terminal giants such as Alibaba Cloud, Tencent, Meituan, and Xiaomi.