China’s CXMT hits 10% of global DRAM market, pressuring rivals

China's ChangXin Memory Technologies reached a double-digit share of the global DRAM market for the first time in the second quarter, according to Counterpoint Research data published Thursday, adding competitive pressure to an industry already rattled by fresh tariff threats from Washington.

Chinese Challenger Breaks Through

CXMT captured 10% of global DRAM and high-bandwidth memory revenue in Q2 2026, up from 8% in the first quarter and 4% a year earlier, Counterpoint Research reported. Samsung Electronics held its lead at 38%, while SK Hynix ↗ 1.92% slipped to 25% and Micron Technology ↗ 2.77% held 24%. The broader DRAM market grew 57% quarter-over-quarter and 385% year-over-year, fueled by surging demand for AI-related memory.finance.yahoo+3

CXMT's rise was underscored by its blockbuster Shanghai IPO in July, which raised roughly $8.6 billion and saw shares surge 466% on the first day of trading. The company has signaled plans to develop higher-end products including HBM and LPDDR6, potentially challenging established players on their most profitable turf.finance.yahoo

Tariff Threats Compound the Pressure

The market share shift landed alongside a new tariff warning from the Trump administration. Commerce Secretary Howard Lutnick told CNBC on Wednesday that the U.S. is preparing "targeted, thoughtful tariff policy" for semiconductors, offering relief to companies that manufacture domestically while warning others to "expect to pay". The comments weighed on South Korean chipmakers in particular, given their heavy reliance on overseas fabrication.koreaherald+1

SK Hynix shares fell more than 3% in premarket trading Thursday, while Micron dropped roughly 0.9%. South Korea's semiconductor exports surged 209% year-over-year to a record $46.65 billion in August, underscoring how exposed the country's economy is to any shift in U.S. trade policy.benzinga+1

Bright Spots Amid Unease

In the NAND flash segment, where memory is used for longer-term storage, the market grew 70% in Q2 following 90% growth in Q1, with prices rising 55% sequentially, according to Counterpoint data cited by Benzinga. Micron gained NAND share, moving to 15% from 13%, while Chinese firm YMTC matched that level and is now preparing what could be a $4.9 billion IPO of its own.benzinga+1

Roundhill Investments chief investment strategist Drew Pettit told CNBC on Wednesday that the recent pullback in memory stocks has created a healthier setup, noting that industry revenue could roughly triple by 2030. "The valuation, forget the P/E, when we think about the DCF, it actually makes a lot of sense right here," Pettit said.benzinga