The Chinese memory chipmaker agreed a five-year contract worth more than $7 billion with ByteDance this month after securing an order of more than $3 billion from Tencent in June, Reuters said.
Chinese memory chipmaker CXMT has secured supply agreements worth more than $10 billion in total with ByteDance and Tencent. A five-year deal signed with ByteDance this month is worth more than $7 billion, following an order worth more than $3 billion from Tencent in June, according to Reuters. The back-to-back contracts point to sizable demand from two of China’s biggest internet groups for domestically supplied memory chips.