China’s semiconductor industry has delivered a striking message to global investors: U.S. export restrictions have not stopped its rise. Washington’s Restrictions Have Raised the StakesCXMT’s rise has taken place under increasingly restrictive U.S. policies designed to limit China’s access to advanced semiconductor technology. CXMT is entering a global memory market shaped by the explosive growth of AI infrastructure. The goal of export controls is to slow China’s access to advanced semiconductor capabilities. The question will be how much of the global semiconductor market it can eventually reshape.