ChangXin Memory Technologies (CXMT), China’s largest DRAM manufacturer, has surpassed the 10% global market-share threshold while struggling to raise yields for its HBM3 products, highlighting both its rapid expansion and persistent technology gap with leading suppliers. Counterpoint Research measured CXMT’s second-quarter DRAM share at 10%, more than double the 4% recorded a year earlier, while TrendForce measured an increase from 7.6% in the first quarter to 9.5% in the second. CXMT’s first-half revenue rose approximately tenfold year over year, server DRAM revenue exceeded mobile DRAM revenue for the first time, and the company moved into net profit. However, pilot production of its 8-Hi HBM3 reportedly achieved an initial yield of about 25% to 30%, compared with more than 90% at SK Hynix, leaving nearly 80 of every 100 chips scrapped after front-end processing and back-end packaging. CXMT has supplied limited working samples to Alibaba and AI-chip designer Cambricon while continuing to improve its process. The company expects memory shortages to persist as AI infrastructure investment increases demand for HBM, server DDR5 and enterprise SSDs, while manufacturers shift capacity away from general-purpose DRAM. TrendForce reported second-quarter global DRAM revenue of $154.73 billion, up 59.5% from the previous quarter. Samsung Electronics led with a 39.4% share, followed by SK Hynix at 24.9% and Micron at 23.3%. HBM4 requires roughly three times the wafer volume of conventional DRAM, and KB Securities projects DRAM and NAND demand will exceed supply by more than 10 percentage points in 2027. CXMT’s ability to improve yields and back-end TSV processing will determine how quickly it can advance in China’s memory self-reliance efforts, while its broader capacity expansion could eventually contribute to oversupply.