China’s biggest memory maker is growing fast. There’s no proof yet it supplies Nvidia’s AI memory.
CXMT is now the fourth-largest DRAM maker in the world. Here is what it has confirmed, what is only reported, and where the evidence says China competes today.
1. The size
In Q2 2026, CXMT had about 9.5% of world DRAM sales according to TrendForce, and 10% according to Counterpoint, behind Samsung, SK hynix and Micron. These are shares of money, not of chips, and the two firms measure slightly differently. [1] [2]
2. What CXMT confirmed
In September 2026, CXMT announced mass production of its G5 chips and 24Gb LPDDR5X, a newer kind of phone and laptop memory. Performance and yield claims in the announcement are the company’s own, not independent audits. [3]
3. What is only reported
Reuters, citing The Information, reported in August 2026 that CXMT is producing HBM3E, the stacked memory used next to AI chips, in small volumes and testing it with Chinese AI chip designers. The sources are unnamed and the company was not available for comment. [4]
4. Who supplies Nvidia
In June 2026, Nvidia’s CEO said SK hynix, Samsung and Micron had all qualified to supply HBM4 for Vera Rubin, its next AI platform. We found no primary evidence that CXMT is qualified. That is a limit of public evidence, not proof that CXMT has no program. [5]
5. Why it is hard: the tools
ASML says sales of its EUV systems, the most advanced machines for printing chips, are subject to license requirements, and Dutch rules require export licenses for its advanced DUV immersion systems: the NXT:2000i and later models since September 2023, and the NXT:1970i and 1980i since September 2024. [7] In December 2024, the US Commerce Department’s BIS added new controls on certain high-bandwidth memory and on certain semiconductor manufacturing equipment. [8] These rules require licenses; the sources we read do not describe them as outright bans.
6. Where China competes now
The clearest pressure from Chinese suppliers has been in DDR4 for consumer devices, which TrendForce linked to price competition in 2024. With DDR5 and LPDDR5X now in CXMT’s production, mainstream PC and phone memory is the next place to watch. Evidence for replacing AI memory is much thinner. [6] [3]
7. The test
What would change this picture: a confirmation from CXMT or a major customer that its HBM is qualified and shipping in volume. Until then, treat reports as reports.
Sources
- TrendForce, DRAM revenue ranking, Q2 2026, press release, 7 Sep 2026. trendforce.com
- Counterpoint Research, Global DRAM and HBM market share, Sep 2026. counterpointresearch.com
- CXMT, news release on G5 and LPDDR5X mass production, Sep 2026. cxmt.com
- Reuters via StreetInsider, “China’s CXMT makes breakthrough in advanced memory chips, The Information reports,” Aug 2026. streetinsider.com
- Bloomberg Línea, Nvidia approves three memory makers for HBM4, Jun 2026. bloomberglinea.com
- TrendForce press release, Nov 2024 (DDR4 competition). trendforce.com
- ASML, 2024 Annual Report (Form 6-K), export control sections. sec.gov
- US Federal Register, BIS interim final rule 2024-28270, “Foreign-Produced Direct Product Rule Additions, and Refinements to Controls for Advanced Computing and Semiconductor Manufacturing Items,” 5 Dec 2024. federalregister.gov
Image credits
- Cover and carousel slide 1: illustration made for YosQuant.