China’s RAM Giant Is Adding 5X More Capacity Than Samsung — $4.3B IPO
中国内存巨头扩产规模达三星5倍，拟募资43亿美元启动IPO
China is making a bold move in the global memory chip race, and the scale of this expansion is turning heads across the semiconductor industry. With plans to boost production capacity far beyond Samsung's latest additions and a massive $4.3 billion IPO on the horizon, this development could reshape the competitive landscape for DRAM manufacturing.
Could this mark a major shift in the memory chip industry, or will established leaders maintain their edge?
在全球存储芯片竞赛中，中国正祭出重磅布局，此番扩产规模震动整个半导体行业。这家企业计划新增产能远超三星最新扩产规模，同时筹备规模高达43亿美元的首次公开募股，这一举措或将重塑DRAM内存制造行业的竞争格局。
存储芯片行业是否将迎来格局大变，还是行业老牌龙头依旧能守住竞争优势？
过去数十年，全球电脑内存市场几乎被三星、SK 海力士、美光三家企业垄断，手机、电脑、游戏主机、服务器与 AI 数据中心所用存储芯片均出自这三家。成立仅十年的中国存储厂商长鑫存储（CXMT）正在大规模扩产，有望打破这一市场格局
以下是各国网友的评论：
EasternEngine
What do you think—can China's rapidly expanding DRAM industry seriously challenge Samsung's leadership, or will Samsung stay ahead?
大家怎么看？中国DRAM内存产业扩产速度飞快，能不能真正撼动三星的行业龙头地位，还是三星依旧能保持领先？
penonton4260
The average salary in Korea is higher than in China.
I think Korea will lose in terms of efficiency and salaries.
Korea was able to survive because their monopoly was supported by the American government.
that's how they destroyed Japanese chip companies in the early 2000s
韩国人均薪资比中国高。
我认为高薪资会拖累韩国企业，让它们失去竞争力。
韩国存储企业能站稳脚跟，全靠美国政府扶持它们垄断市场。
21世纪初，韩国就是靠这套手段击垮了日本芯片企业。
johnps1670
Cheaper RAM is needed.
内存价格该降一降了。
EasternEngine
Widely shared sentiment right now given how much consumer memory prices have been squeezed by AI data center demand. More supply from a new major player is one of the more realistic paths to relief
现在很多人都这么想，AI数据中心疯狂囤货，抬高了消费级内存的价格。中国新增头部厂商释放产能，是缓解高价问题最可行的办法之一。
curiouspeople6441
We need more Ram
市场需要更大的内存产能。
TonyW-z9w
Scaling is what Chinese manufacturers are good at.
扩大量产规模，是中国厂商最擅长的事。
EasternEngine
The track record across solar, EVs, batteries, and displays backs this up consistently. Taking a product from proof of concept to massive volume production is arguably China's single greatest industrial strength.
光伏、电动车、动力电池、显示屏行业都已经印证了这点。把一款产品从样品研发推进到大规模量产，可以说是中国制造业最强的优势。
Anonymous
Not arguably, when China said it would achieve something, it wasn't bragging or joking. China isn't like India.
不用怀疑，中国定下的产业目标从来不是吹牛说笑，这点和印度完全不一样。
erich623
CXMT I believe will have less risk of overcapacity with their new production than other producers, as China is pushing strongly for indigenization of their tech stacks.
我认为长鑫存储新增产线的产能过剩风险会低于其他厂商，中国正在大力推动全产业链技术自主。
EasternEngine
Sharp distinction — state-driven demand for domestic chips creates a more predictable absorption floor than purely market-driven demand. If Chinese companies are mandated or strongly incentivized to use CXMT memory, the overcapacity risk is structurally lower than for a purely commercial player
两者有本质区别：政策带动的本土芯片需求，能稳住基础消化量，比纯市场化需求更稳定。中国企业被要求或大力鼓励采购长鑫内存，从底层降低了纯市场化厂商容易出现的产能过剩问题。
Trueye-sl2mr
China has a huge internal market that mitigate any fall in ram demand.
中国庞大的本土市场，能够抵消内存需求下滑带来的冲击。
EasternEngine
Exactly the buffer that makes the overcapacity concern less acute than it would be for a smaller economy — 1.4 billion people and a massive domestic tech sector provide demand absorption that most competitors simply don't have access to
这份市场缓冲，大幅缓解了产能过剩的隐患，小国根本不具备这个条件。十四亿人口加上完整庞大的本土科技产业，带来的需求体量是绝大多数竞争对手望尘莫及的，而这都属于中国市场。
Ryan-rz4ig
No but they could seriously eat their lunch for DRAM considering no one is supply a consumer market, that they could sink their teeth into, establish a foothold, and feed the industry for computing that they might not get those contracts back.
不是这个逻辑，消费级内存市场目前供货不足，中国企业完全可以抢占这块市场站稳脚跟，供给算力产业。一旦份额被拿下，海外厂商很难再夺回订单。
EngineerDJ_Julius
I don't want to hear any more Chinese RAM news until after it finally floods the market
在中国内存大量铺货上市之前，我不想再看到相关新闻了。
onlymyrailgununknown2960
The hard school discipline paying slowly off for the Chines
严苛踏实的发展路线，正在慢慢让中国收获成果。
MASMIWA
So what happened to Yangtze Memory in this discussion?
"To accelerate development, YMTC is exploring collaborations with CXMT (Changin Memory Technologies), China's top domestic DRAM producer, combining their resources to tackle the complex physics of HBM stacking." (Genesis)
聊了这么久，怎么没人提长江存储？
有消息称：为加快技术研发，长江存储正和中国头部DRAM厂商长鑫存储洽谈合作，整合双方资源攻克高带宽内存HBM堆叠的复杂技术难题。
EasternEngine
Great addition — YMTC is the NAND storage side of China's memory push while CXMT handles DRAM, and the potential collaboration on HBM stacking is the part that should make Samsung and SK Hynix most nervous. Combining NAND expertise with DRAM production for HBM is exactly the kind of cross-pollination that could accelerate China's AI memory timeline significantly.
补充得很关键。长江存储负责中国存储布局里的闪存NAND业务，长鑫主攻DRAM内存。两家联手研发HBM堆叠技术，才是最让三星、海力士紧张的地方。闪存与内存技术结合研发高带宽内存，能大幅缩短中国AI专用存储芯片的研发周期。
forme1981
Just like when the Hormuz is closed, China has relatively stable gas prices because they already flooded the domestic market with different energy sources. Meanwhile, the rest of the world, like Australia, is tasting the spike in gas prices despite allowing the import of Chinese EVs.
可以类比霍尔木兹海峡封锁的例子：中国提前布局多元能源，国内天然气价格一直保持稳定。反观澳大利亚这类国家，即便引进中国电动车，依旧要承受天然气价格暴涨的冲击。
kajahtaa
They IPO is this year
长鑫今年就要启动IPO上市了。
flamencoguy3000
the DRAMs should be fast . HBM will come later hopefully.
先把普通DRAM内存做快做好，希望HBM高端存储芯片能延后推出、稳步打磨。
EasternEngine
That's roughly the roadmap — establish DDR5 credibility first, then tackle the much harder HBM stack. Trying to leapfrog straight to HBM without the foundational DRAM track record would be a significant risk.
大致就是这个发展路线：先靠DDR5内存站稳市场、积累口碑，再攻克难度更高的HBM堆叠技术。没有成熟的普通内存量产基础，直接跨越式研发HBM，风险会极大。
raymondng924
Especially Microsoft stop upgrade window 10 with new high standard specifications hardware
尤其是微软不再给Win10推送更新，同时新硬件的配置门槛也越提越高。
tangobayus
They will overbuild and prices will collapse.
中国会盲目扩建太多产线，最后内存价格崩盘。
TonyW-z9w
I can only hope for that.
我反倒希望价格能跌下来。
EasternEngine
@tangobayus That's the classic semiconductor cycle concern and historically valid — the industry has gone through multiple boom-bust cycles driven by exactly this pattern. The difference this time might be that China's domestic AI and data center demand is large enough to absorb significant capacity before it spills into global markets. Whether that cushion is big enough is the real question.
这是半导体行业老生常谈的周期问题，历史上确实多次出现扩产过剩、行情暴跌。但这次情况不同，中国本土的AI、数据中心需求体量巨大，大量新增产能会先被本土市场消化，不会全部外流冲击全球市场。关键就看中国本土需求能不能完全兜住产能。
karolkunysz8474
Prices of computer component it is a momopoly scam - because of ridicules prices osf cpu,gpu,ram we canot replace it.
电脑配件完全是寡头垄断哄抬物价，CPU、显卡、内存定价离谱，普通人根本换不起硬件。
BrightCore777
Scaling memory production is a lot harder than making headlines.
大规模量产存储芯片，远比新闻报道看上去要难。
UmbraWeiss
You are talking about the Chinese... look at the car market, they needed like 2-3 years to dominate... they will push out everyone from the consumer market very soon...
别忘了这是中国企业，看看汽车市场，短短两三年就拿下主导地位。用不了多久，它们就能把所有对手挤出消费级内存市场。
EasternEngine
Also true — DRAM manufacturing has some of the tightest process controls in all of semiconductor production, and yield at scale is notoriously difficult to achieve. The headline and the factory floor are two very different places.
这话没错，但DRAM内存芯片是半导体里制程管控最严苛的品类，大规模量产想要保证良品率难度极高。新闻报道里的成果，和工厂实际量产的难度完全是两码事。
onetwothreefour-s1n
It's China. They'll be fine.
这可是中国，肯定能搞定。
Anonymous
China: Hold my tea
中国：走着瞧，拭目以待
tringuyen7519
Samsung can sell to the US. CXMT & YMTC can’t. Samsung will do fine…
三星产品能销往美国，长鑫、长江存储不行，三星不会受太大影响。
EasternEngine
Fair point on market access — Samsung's unrestricted access to the US market is a real structural advantage. The counter is that China's domestic market is enormous and growing, and CXMT doesn't need US sales to build a sustainable business at scale. Different battlegrounds rather than a head-to-head fight for the same customers.
你说的市场准入问题确实客观存在，三星能无限制供货美国，是天然优势。但换个角度看，中国本土市场规模庞大还在持续扩张，长鑫不靠美国订单也能维持稳定大规模经营。双方主攻市场不同，算不上正面抢夺同一批客户。
darknetworld
I wonder if they added a backdoor.
我很好奇中国芯片里会不会留有后门。
EasternEngine
DRAM is passive storage with no active processing or network connectivity on its own, which makes the backdoor concern that applies to networking gear or CPUs much less technically plausible here. The data on it is only as accessible as the system it's installed in. Worth being precise about where hardware security risks are actually realistic versus speculative.
DRAM内存只是单纯存储介质，自身没有运算、联网功能，不像网络设备、处理器那样容易内置后门，从技术层面来说这种可能性很低。内存里的数据能否被读取，完全取决于搭载它的整机系统。要分清哪些硬件安全隐患真实存在，哪些只是针对中国产品的无端猜测。
roosah6749
@EasternEngine it's US companies that build backdoors, you seem to have no idea how ram works. BTW, there's a significant trust building up for chinese products and tech, just like the trust has completely eroded in the western tech. The world is changing my friend, there's no place for of hypocrites no more
留后门的明明是美国企业，你好像根本不懂内存的工作原理。另外现在全球越来越认可中国产品和技术，反观西方科技产品早已失去大众信任。时代变了，双标虚伪的一套已经行不通了。
mdnavidulhaque
Good, very good i was ho this to happen few months ago good luck china
太好了，几个月前我就盼着这一天，祝中国顺利。
_aPaladin
you guys haven't been paying attention, wishful thinking.
你们都没看清现状，只是一厢情愿罢了。
LuminousSpace
seeing ssd and hdd price now is very2 depressing, i dont really care that much ram price cause we dont need to add ram as often as storage
现在固态硬盘、机械硬盘的价格高得让人难受，相比之下我倒不太在意内存价格，毕竟大家扩容内存的频率远低于扩容硬盘。
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