Chinese memory chip maker CXMT briefly became China’s most valuable publicly traded company just two hours after its Shanghai Stock Exchange debut, as investors pushed its shares more than 466% above their IPO price. The surge lifted the company’s market capitalization to an estimated $547 billion, overtaking Tencent and placing CXMT among the world’s 25 most valuable listed companies. Although CXMT remains far behind Samsung, SK Hynix, and Micron in terms of global market share, its position has steadily improved since 2020. Micron even exited the consumer memory market to focus its efforts on chips for data centers and AI deployment. SK Hynix topped $1 trillion in valuation, making it one of the 20 most valuable companies in the world, an extraordinary achievement for a company focused almost entirely on memory chips.