CXMT Overtakes Tencent as China’s Biggest Listed Company

CXMT market cap topped Tencent at $524B, making the DRAM chipmaker China’s most valuable listed company. Kospi ripped 4%, Cisco fell after hours.

TLDR

• CXMT market cap climbed to $524 billion on Thursday, overtaking Tencent as the most valuable Chinese company, per Bloomberg.
• Tencent slipped to $510 billion amid concerns over its rising AI capital spending, ceding the top spot to a memory chipmaker.
• CXMT closed Tuesday at 53.52 yuan on Shanghai STAR Market, up 6.19%, with a valuation now near 3.37 trillion yuan.
• The Kospi ripped 4.09% to 6,848.30, with SK Hynix up over 7% and Samsung up more than 5% on the memory read-through.
• Cisco delivered a record fiscal Q4 with revenue of $17.3 billion, but the stock fell after hours on profit-taking after a 61% year-to-date rally.
• CoreWeave beat and guided Q3 above Street, Nebius jumped 34%, and Super Micro climbed roughly 15% on the CPI-day AI infra rally.
• July CPI print at 3.4% headline and 2.5% core in-line trimmed September Fed hike odds to roughly 36 to 38%.
• Producer prices land Thursday, followed by Applied Materials fiscal Q3 after the US close.

Market Regime

The center of gravity in Asian tech shifted overnight. A memory chipmaker Indian retail could barely name three weeks ago is now the most valuable listed company in China. CXMT market capitalization touched $524 billion on Thursday, per Bloomberg, briefly slipping 1.2% intraday but still ahead of Tencent’s $510 billion. Tencent has been under pressure as investors question the payoff on its AI capital spending. The re-rate reads across the entire memory complex. SK Hynix jumped over 7% in Seoul, Samsung climbed more than 5%, and Kioxia added roughly 7% in Tokyo.

Wall Street is stretched but calm. The VIX closed at 14.55, a multi-month low, after July CPI printed in-line at 3.4% headline and 2.5% core. Fed funds futures pared September hike odds to roughly 36 to 38%. What could break the setup: a hot Producer Price Index on Thursday reviving the stagflation debate, an Applied Materials guide that questions capex sustainability, or fresh Middle East headlines with Brent still near $89. Cisco after-hours drop despite record numbers is the warning: profit-taking is the reflex when a stock is up 61% year-to-date, no matter how good the print.

Bullish Factors

• CXMT crossed Tencent to become China’s most valuable listed company at $524 billion, per Bloomberg, formalizing the memory chip re-rate.
• Kospi finished 4.09% higher at 6,848.30 with SK Hynix over 7%, Samsung over 5%, and SK Square outperforming, per TradingKey and Yahoo Finance.
• Nikkei 225 rose 1.32% to 68,413.06 with Kioxia adding roughly 7%, SoftBank up over 2%.
• Cisco Q4 revenue printed a record $17.3 billion, product orders rose 35% year-on-year, and the fiscal 2027 guide came in above Street.
• CoreWeave, Super Micro, and Nebius all delivered blowout Q2 reports on Tuesday, validating the pace of AI infrastructure spend.
• July CPI at 3.4% headline and core CPI at 2.5% cooled by 10 basis points each, easing pressure on the September FOMC.
• VIX closed at 14.55, down 4.78%, a multi-month low signaling calm ahead of the PPI print.

Bearish Factors

• Cisco fell in after-hours trading despite beating on every line, a profit-taking signal in the highest-flying AI infrastructure names after +61% YTD.
• CXMT slipped 1.2% Thursday, per Bloomberg, a hint that even the anchor of the memory re-rate can trade both ways at these valuation multiples.
• 30-year Treasury yield holding near 5.24%, close to a multi-decade high, keeps duration pressure on the growth complex.
• Brent crude near $89 with the Strait of Hormuz standoff dragging into another day, complicating the inflation glide path.
• S&P 500 closed at 7,748.50, below the August 8 record of 7,757.64, suggesting Wednesday cool CPI rally faded into the bell.
• Apple absorbed a Jefferies downgrade on Monday, with sourcing risk on CXMT and YMTC memory chips still an open question.

Asian Markets This Morning

Seoul led the region. The Kospi opened 3% higher at 6,773.92 and extended intraday to 6,848.30, up 4.09%. That is a roughly 30% rebound from the July 29 intraday low of 5,262.77. SK Hynix jumped over 7% on the memory read-through from CXMT valuation surge plus overnight AI infra data from CoreWeave. Samsung Electronics rose more than 5%, SK Square outperformed, and Kioxia in Tokyo added roughly 7% for a clean regional print through the whole memory complex.

Japan Nikkei 225 climbed 1.32% to 68,413.06, extending Wednesday 0.83% gain, with SoftBank up over 2%. Shanghai edged 0.32% higher to 3,946.68 as CXMT news dominated the tape. Taiwan added 1.19% to 46,061.52 with TSMC leading the semi complex. Hang Seng was mixed as Tencent under-performed. India Sensex traded down about 0.24%, and Australia ASX 200 slipped 0.68%.

The through-line across the region is the memory cycle. CXMT valuation makes Chinese demand for AI memory a base case rather than a wildcard, and that sits under every rally in Samsung, SK Hynix, Kioxia, and Micron over the past 24 hours.

What Moved Wall Street Today

The July CPI print landed exactly on consensus, and traders bought the news at the open. The S&P 500 gained 0.5% early to test the 7,757.64 record from Friday, the Nasdaq 100 rose nearly 0.9%, and the Dow climbed 150 points. Most of the pop faded through the session. The S&P 500 closed at 7,748.50, up 0.26%, still below Friday record. The Nasdaq Composite added 0.54% to 26,588.49, and the Dow slipped 0.04% to close just below the flatline as defensive names lagged.

The winners were in the AI infrastructure complex. Nebius Group jumped 34% on better-than-expected EBITDA and revenues. Super Micro Computer rose roughly 15% after guiding revenue above analyst estimates. CoreWeave surged 20% premarket and closed strongly after the Q2 blowout. Cisco Systems gained 2.04% in the regular session ahead of the print. After the close, Cisco reported record fiscal Q4 with revenue of $17.3 billion beating the $16.83 billion consensus, product orders up 35% year-on-year, and networking orders up 40% year-on-year for the 8th consecutive quarter of double-digit growth. The company also issued fiscal 2027 guidance well above Street. The stock still fell after hours as investors took profits on a 61% year-to-date advance.

Ten-year Treasury yields eased 3 basis points to 4.64%. VIX closed at 14.55, down 4.78%. Brent crude held near $89 with the Middle East standoff continuing. September Fed hike odds slid to roughly 36% on Polymarket and 38% on CME FedWatch, down from 48% the prior day.

Assets in Focus

CXMT

CXMT became China’s most valuable listed company on Thursday, per Bloomberg, with market capitalization at $524 billion versus Tencent $510 billion. The stock slipped 1.2% intraday but held the top spot. CXMT closed Tuesday at 53.52 yuan on the Shanghai STAR Market, up 6.19% on the day, with a valuation near 3.37 trillion yuan. That is 6% above the July 27 debut close of 49 yuan and just below the July 31 all-time high of 60.60 yuan. Global peer context: SK Hynix at roughly $881 billion, Micron near $1 trillion. CoinDCX offers pre-IPO exposure to CXMT via a market-linked instrument for Indian retail. Market-linked instrument, T&C apply.

NVDA

Nvidia held its Monday drop through the Wednesday session on the Financial Times report about Apollo Global and Blackstone assembling a $500 billion AI infrastructure funding package. BofA reiterated Buy heading into the August 26 fiscal Q2 print and called memory and circular financing concerns overblown. CXMT valuation surge plays into the read-through for the wider AI silicon complex.

DRAM

The DRAM index is the tradable memory-cycle proxy on CoinDCX Global Futures. Samsung and SK Hynix both closed over 5% higher in Seoul, Kioxia added roughly 7% in Tokyo, and CXMT rerating pulled the entire complex into a fresh high-conviction bid. Micron sits near $1 trillion in market cap after outperforming the semi tape year-to-date. The complex is now trading a single narrative: AI-driven memory demand plus limited near-term supply.

AMD

AMD is still working through the -7% weakness following the Q2 print, with the Q3 guide of $12.7 to $13.3 billion topping the $12.5 billion consensus but failing to clear a fully priced-in AI datacenter narrative. Data center revenue grew 107% year-on-year to $6.7 billion last quarter. Cool CPI and AI infra validation from CoreWeave and Nebius could set up a reset attempt.

BABA

Alibaba is the CoinDCX Global Futures window into large-cap China tech. Tencent under-performance overnight, as investors questioned the AI capex return profile, has clear read-across for BABA which is running its own aggressive AI cloud investment cycle. Watch how BABA trades relative to CXMT in the Shanghai / HK complex over the next few sessions.

Index Levels to Watch

The S&P 500 closed Wednesday at 7,748.50, roughly 9 points below the August 8 record close of 7,757.64. The Nasdaq Composite at 26,588.49 remains below the August 8 all-time high near 26,690. The Dow at 53,807 sits below the August 5 record of 54,349.06. Overseas: Kospi at 6,848.30, Nikkei 225 at 68,413.06, Shanghai 3,946.68, Taiwan 46,061.52.

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