CXMT, China's biggest DRAM chipmaker, extended its post-IPO rally to a market value of about $540.5 billion by Friday midday, ranking 24th globally in LSEG data, just below Intel's $552.6 billion and above Tencent's $505.8 billion. The Anhui-based company raised about $8.6 billion in its July 27 IPO, and its shares closed 466% above the offer price on debut, making it the highest-valued company listed on mainland China. CXMT is the world's fourth-largest DRAM producer after Samsung Electronics, SK Hynix and Micron, and Nomura estimates its share of global DRAM output could rise from about 10% to about 18% by the end of 2028. Bernstein analysts say the listing should provide more cash for capital expenditure, reinforcing investor appetite for AI-linked memory suppliers even as Tencent shares are down about 26% this year and Intel's stock has pulled back.