China's CXMT Shares Fall 6.5% Despite Forecasting $19.58B Nine-Month Profit

Shares of Chinese memory chipmaker ChangXin Memory Technologies (CXMT) fell 6.5% on Monday despite the company forecasting a massive swing to profitability for the first nine months of 2026. In a Friday filing, CXMT projected net profit attributable to shareholders between 131B yuan ($19.58B) and 132.5B yuan for the January-to-September period, reversing a net loss of 5.28B yuan from the same period a year earlier. The chipmaker expects revenue of around 265B yuan to 270B yuan for the nine-month period, marking an increase of 232.9B yuan to 237.9B yuan year-over-year. CXMT attributed the financial turnaround to rapidly growing AI computing demand since the second half of 2025, which has driven global DRAM supply shortages and significant price increases. According to Counterpoint Research data from last month, CXMT captured 10% of global DRAM revenue in the third quarter of 2026, doubling its 5% market share from a year earlier as it challenges Samsung Electronics, SK Hynix, and Micron Technology.