China's Changxin Memory Technologies posts 700% revenue jump amid US export controls

Changxin Memory Technologies (CXMT) reported first‑quarter 2026 revenue of about $7.3 billion, a 700 % year‑over‑year increase that almost matches its entire 2025 earnings. The firm also secured a multi‑year server DRAM supply contract with Tencent valued at over 20 billion yuan (≈$3 billion) and showcased advances in DDR5 and high‑bandwidth memory production.

CXMT operates under U.S. export controls introduced in October 2022, which require licences for equipment used to make advanced DRAM. While the company remains off the U.S. Entity List, Washington is considering the MATCH Act to close loopholes, and the Pentagon has blacklisted CXMT over alleged military links. South Korean prosecutors have accused former Samsung staff of leaking proprietary information to CXMT. The firm’s rapid growth challenges established memory producers Samsung, SK Hynix and Micron and could influence global DRAM supply and pricing.