Chinese Chipmaker CXMT Soars 500% On Debut! What's Driving The Massive Rally?

中国芯片厂商长鑫存储上市首日暴涨 500%！这场大幅暴涨背后驱动力是什么？

A company that most global investors barely knew a few years ago has just become China's most valuable listed company. Memory chipmaker CXMT surged more than 500% on its market debut. So why are investors rushing to buy? Is this just IPO hype—or is China creating its next semiconductor giant?

几年前绝大多数全球投资者几乎都未曾听闻的一家企业，如今一跃成为中国市值最高的上市公司。存储芯片企业长鑫存储上市首日涨幅超 500%。那么投资者为何争相买入？这仅仅是新股上市炒作，还是中国即将诞生下一家半导体巨头？

以下是各国网友的评论：

reckoner-nash

India's Kacchi Ghaani Sarso ka tel company by Wilbur and desh ka lala ji will also boom in similar manner once innovation in mixng Palm Oil and Sarso tel is done and no one can differentiate. Jai Desh Ke Lala ji

威尔伯旗下印度本土企业 Kacchi Ghaani 芥末油，一旦攻克棕榈油与芥末油的调和技术，做到普通人无法分辨二者差别，这家公司也将迎来类似的暴涨。致敬印度本土实业大佬！

 

paultan4240
If you cannot win them, ban them... thats US logic

竞争不过，美国就直接封杀，这就是美国的行事逻辑

 

Bitshorties
That's what sore losers do

只有输不起的人才会这样做

ssuwandi3240
@Bitshorties US Tech Hyperscalers are beating the Globalists let alone Cheena

 美国头部科技大厂都能抗衡全球资本势力，对付中国自然不在话下

 

bobjack2381
China doesn't need ASML to make chips

中国生产芯片不一定非要依靠阿斯麦

 

tonyv596
The US will accuse this Chinese company of something soon

用不了多久，美国就会想方设法给这家中国企业安上罪名

 

Guantimasao
Already banned in biden era

拜登执政时期就已经实施封杀了

 

credibletube90
Watching the west loose grip is satisfying in everything.Racism ima d greed is being dismantled

看到西方掌控力逐步下滑，真让人解气。种族主义与贪婪正在被瓦解

 

georgeeagle872
The US: we're the proponent of the free market economy, but we're going to ban CXMT anyway

美国嘴上宣称拥护自由市场经济，转头却要封杀长鑫存储

 

trumpbuddha1053
Ban Chinese open sourced AI, ban Chinese ev, drone, phone

封杀中国开源人工智能、电动车、无人机以及手机产品

 

MaxmusDecimusMeridius23
this is putting the US AI market into BUBBLE zone

这会让美国人工智能市场彻底陷入泡沫

 

SeanLumly
The US is on notice: they are going to lose control of yet another critical technology industry. The Chinese operate on razor thin margins, quality, and unmatched capacity.

美国要认清现实：又一个关键科技产业，即将脱离他们的掌控。中国企业依靠微薄利润、稳定品质和无可匹敌的产能参与竞争

 

saellenx3528
I thought they were decades behind.

我之前还以为双方技术差距有几十年

 

juamu1132
cxmt was also huawei's supplier for ecc ram before.

长鑫存储曾经也是华为ECC内存的供应商

 

davids.9834
I guarantee The other chip makers are talking with the current US administration right now. Saying "we have to ban these Chinese chips". They will say because of "National security" but the real truth is greed.
US AI and chip makers have already lost and China did not steal the lead......... we gave it to them with our unfettered greed.

我敢肯定，其他芯片厂商此刻正在游说美国政府，鼓吹必须封杀中国芯片。他们嘴上拿国家安全当借口，本质只是贪心。美国人工智能与芯片企业其实已经落败。中国并没有窃取领先地位……是美国无止境的贪欲，亲手把优势拱手让人

 

akka2011hk
Very soon CXMT's market share will go from 10% to 20% and surpass Micron as the likes of US coys like Apple, Dell... all flock to CXMT for lower price DRAMs and Don will issue more bans! LMAO!!!

很快长鑫存储市场份额将从10%涨到20%，超越美光。苹果、戴尔这类美国企业，都会为了低价内存转向长鑫。届时美国又会出台更多禁令，哈哈！

 

donaldli1864
Starting today, Samsung and Hynix fabs will never catch fires.

从今天开始，三星和海力士的工厂估计再也不会意外失火了

 

ZgO_o
As a wise person once said that if you come to find China as your competitor then you have to start pondering about your business and life choices cuz somewhere you surely made a wrong turn any sector China makes entry profits disappear LMFAO

有句话说得好：一旦把中国当成竞争对手，你就得反思自身商业模式。只要中国入局任何行业，行业暴利都会消失，哈哈

 

meimiaolin2581
US sanctions are working very well thanks.

不得不说，美国制裁起到奇效了

 

MyOhwhatever
Anything from US is always connected to the Chinese military, it’s getting stale with all these US accusations, Huawei is a bloody good proof that US government and its tech industries just can’t compete and resorting to slandering and accusations with no evidence, it’s seemed that these days any PR or statements from US government and its MSM are just empty talks and scare mongering propaganda to its dumb citizens.

只要是中国企业，美国总强行关联中国军方。这套说辞早就听腻了。华为就是最好的例子。美国政府和本土科技企业竞争不过，就毫无依据地造谣抹黑。现如今，美国官方和主流媒体对外发声，全是空话，只会恐吓蒙蔽本国民众

 

Dhsjke
I know the American narrative on this one - ‘there is a security backdoor on these chips; they stole the technology from us; they reverse engineered and copied us; they are still decades behind ours’.

我都能猜到美国的说辞：这些芯片存在安全后门、窃取美国技术、逆向仿制抄袭、技术水平依旧落后数十年

 

An1234-n8o
If china will able to develop EUV then chip price will be like potato

一旦中国研发出极紫外光刻机，芯片价格会变得和土豆一样便宜

 

DanBurgaud
CXMT should thank Idiot American Politicians for the rise.
If USA did not sanction China, CXMT would still be making 1MB chips of 1999 instead of 64GB chips.

长鑫存储能发展起来，真得感谢美国那些短视政客。

如果美国没有实施制裁，长鑫现在恐怕还停留在生产1999年水平的1兆芯片，造不出64G内存

 

TeofiloL-o2q8o
I have a feeling that many other Chinese companies watching are also itching to get into the memory chip game, by that time there will be another free for all situations and the memory chip will become another commodity.

我预感很多观望的中国企业，也准备入局存储芯片赛道。到时候行业会迎来激烈竞争，内存芯片彻底沦为普通大宗商品

 

lovecat8210
Alibaba is CXMT's biggest shareholder at 5% holding.

阿里巴巴是长鑫存储大股东，持股5%

 

lolcatjunior
Local governments are actually larger shareholders in Chinese stocks.

中国上市公司里，地方政府通常持有更高股份

An1234-n8o
@lolcatjunior local government are the biggest shareholders in all chinese big companies

中国所有大型企业，地方政府都是最大股东

 

patrickgz
people are obsessed with the wrong market segment of chips. everyday consumer products like washing machine, vacuum etc segment chip market is forgotten. not to mention logic and memory chips

大家关注点都跑偏了。洗衣机、吸尘器这类日用家电芯片市场很少有人讨论，更别说逻辑芯片与存储芯片

 

biryani-bhujia
Lmao ty China for making affordable dram

哈哈，感谢中国，让内存价格更加亲民

 

REVOLUTIONARYONE-m6n
MEANWHILE IN AMERICA...
AMERICA IS FINISHED

反观美国……美国大势已去

 

AlanRobsonn
Quando os EUA vêem algo melhor que eles: isso é errado, de alguma forma.

只要美国看见别人做出更好的产品，总能想方设法挑刺

 

Kuulgas
Hurry! Beat down the price of ram so I could get my laptop ram upgrade.

快点把内存价格打下来，我想给笔记本升级内存

 

ShamsolHassan
Hey Elon, this is how you release IPO, by not lying!

埃隆好好学学，这才是诚实上市该有的样子，不靠撒谎炒作

 

silenthill1035
Awesome ! One small step for chips, a giant leap for humanity.

太棒了！芯片行业的一小步，人类科技的一大步

 

KC-jo9cm
If we still cannot win even after banning them, then let us ban ourselves!

要是全面封杀之后依旧竞争不过，那干脆把自己封锁算了

 

Rambo-tm9dk
Why everyone worried about china i thought we had a chip ban if anything using all Chinese chip will allow Chinese CIA to spy on US computer

大家为什么这么忌惮中国？我们不是已经出台芯片禁令了吗？有人还说使用中国芯片会让中方情报机构监控美国电脑

 

R-Cforever
That means the pricing was wrongly done. The merchant bank involved should be sacked.

说明本次上市定价存在问题，相关投行负责人应当被解雇

 

WetPets-gl2ts
CXMT only makes DDR5 and legacy DDR4. It lacks the equipment and technical knowledge for vertical 3D stacking on package for HDM for AI data center. CXMT is at least 3 generations behind Samsung, SK Hynix, and MU.

长鑫存储目前仅量产DDR5以及老式DDR4内存。缺少人工智能数据中心所用HBM内存的3D垂直封装设备与相关技术。对比三星、海力士、美光，技术至少落后三代

 

kupukupumu
Can only say Hallelujah, hopefully they helps to push back the price of handphones, laptops, consoles and other electronics.

太好了，希望能压低手机、笔记本、游戏主机等电子产品售价

 

Littlensheery
We will get a good and cheap memory chip.

我们能买到性价比更高的内存芯片

 

Luisyagami
Sub en español aquí también

这里也可以发西班牙语字幕

 

AxelFoleyj
Eso es lo que hacia falta, que china fabricada maquilas para hacer chips y chips para la soberanía y el bien mundial.

世界正需要中国建设芯片工厂，自主研发芯片，保障技术主权，造福全球

 

VasileMironeasa
I have like the endeavour of the chineze people to be on the roof of the mondial electronic technology !

我十分欣赏中国人力争登顶全球电子科技领域的毅力

 

thamesshylock5626
Welcome new competitors; if China does not participate, prices will always remain high.

欢迎新竞争者入局。如果缺少中国参与，芯片价格会一直居高不下

 

Reading-v12
People thinking China bros will sell RAM at fair price to consumers when South Korea bros from Samsung, SK Hynix and Micron are minting lifetime wealth in a day is kinda sad to see.

三星、海力士、美光靠着内存日进斗金，有人却指望中国厂商主动低价卖内存，想法太天真

 

aldinilsondesouzamartins2822
The 471,6% surge on its debut signals a strong injection of capital and optimism, driven by the artificial intelligence (AI) supercycle.
CXMT’s record-breaking IPO on Shanghai’s STAR Market marks the consolidation of China’s technological infrastructure amid the chip trade war.
By reaching the position of the most valuable company in mainland China (3.3 trillion yuan), CXMT demonstrates that Beiing’s “technological self-sufficiency” thesis has gained real traction and financial sustainability. In the short term, the company will reap the profits of the AI boom. In the long term, its survival and dominance will depend exclusively on its ability to turn this financial scale into disruptive hardware innovation while navigating Western restrictions.

上市首日大涨471.6%，代表市场大量资金涌入，投资者十分看好人工智能发展红利。

长鑫存储登陆上交所科创板，创下上市纪录。在芯片贸易摩擦背景下，标志中国科技产业链持续完善。

市值达到3.3万亿元，跻身中国大陆市值最高企业，证明中国推动科技自主可控的战略，已经获得市场资金认可。短期企业能享受人工智能热潮红利；长期想

要站稳脚跟、建立优势，必须利用融资资金实现硬件技术突破，同时应对西方国家各类限制

 

avvvorg4653
They gonna get ban by USA loool

这家企业迟早会被美国封杀，哈哈

 

danpress3817
Let's not forget the politicos that sold US out and the corp execs that funded the sellout

别忘了那些出卖美国利益的政客，以及出钱推动这件事的企业高管

 

oxfordbambooshootify
Silly of you to think they won't join the memory chip cartel too. Memory prices are not going down for the foreseeable future

别天真觉得中国厂商不会加入内存价格联盟，短期内内存价格很难下跌

 

wuhaninjian4973
yup, just like the price of car in USA while in China all vehicles' prices already at least 50% off

没错，就像美国汽车售价居高不下，国内汽车普遍降价过半

 

EmmanuelPaul-p5w
IMAGINE HOW MANY OF THOSE CHIPS WILL BE HEALTHY AND ALLOW US TO OVERCLOCK THEM - LOL.. . THEY HAVE NO IDEA HOW HARD IT IS TO MAKE THAT.. .OMFG.. . BLUE TOOTH PAIRING..

真好奇这批芯片里有多少体质优秀，可以拿来超频。外人根本不知道芯片制造难度有多高，我的天，就连蓝牙配对这种技术都不简单

 

abrahimismail4759
More n more critical technology has been broken n compromise by China n US just watch with nothing can do...the bastion of technology hegemony has been eroded rapidly.

越来越多核心技术壁垒被中国突破，美国只能束手无策。西方的技术霸权根基正在快速瓦解

 

techxdefence
Western hypocrite are more concerned about China's economy instead of their economy

西方这群伪君子，成天盯着中国经济，却不关心自身经济状况

 

DerrickScott-km3zc
China, will flood the market with chips And euv chips

中国将会大量向市场供应芯片，甚至造出使用极紫外光刻机生产的芯片

 

bitcoinvester
All countries in the world are engaging in the same self-deception. As long as Chinese products are claimed to be copied and imitated, China will continue to crumble. Remember, this year marks the 35th anniversary of the US orchestrating China's collapse.
Take a drag of marijuana to relax, and China will inevitably fail. Learn to deceive yourself—the US, Europe, Japan, and South Korea will always win

全球不少国家都活在自我欺骗里，总宣称中国产品全是仿制抄袭，认定中国早晚衰败。别忘了，美国鼓吹中国崩溃论至今已经35年。

很多人活在幻想里，笃定中国一定会失败，自我洗脑相信美欧日韩永远占据优势

 

MultiMyNickName
I don't approve at all of it. Shareholders are everything wrong with business and it should be banned. Who pays for the money shareholders LEECH from companies. mark my words, I do not approve of this and if I have to handle it myself, i will. Be very careful because what is given isnt given so LEECHES can grow, I dislike it, I dont want to see it.

我完全不认同这种模式。股东就是商业体系最大的问题，应当加以限制。股东不断从企业吸血，最终成本都由别人承担。记住我的话，我强烈反对，如果有机会我一定会出手干预。资源不该用来滋养这群吸血鬼，我反感这种现状

 

joenabbi1214
CXMT is still way behind in advanced memory technology compared to counterparts. Now they will make wafers too??? I see them throwing away three of four wafers in their production. They have gained market share but in what? Lower end memory for those who build systems that run at less than half speed and use four times as much power.

对比同行，长鑫存储高端存储技术差距依旧明显。现在他们还要自研晶圆生产？恐怕生产过程中四块晶圆就要报废三块。就算拿到市场份额，也只是低端内存。搭载这类内存的设备，运行速度减半，功耗却是正常产品四倍

 

kalemene8901
As an American, don't invest in the Chinese companies or market. I've invested in real estate in China through a partnership and lost most of my money; also lost money in companies like Alibaba, Didi, and ZME. You can't trust the commies to do the right thing, they will always find ways to screw foreigners over.

我作为美国人劝大家别投资中国企业与股市。我通过合伙方式投资中国地产，亏损惨重；投资阿里、滴滴等企业也亏了钱。不要信任中方，他们总有办法坑外国投资者。