CXMT tops Tencent with $500 billion value as China tech shifts
Why it matters: China’s hardware sector has grown to more than 12% of a key MSCI index, while online retail’s share has roughly halved since 2020.
CXMT has overtaken Tencent Holdings to become China’s most valuable listed company, crossing a market capitalization of more than $500 billion on Aug. 13 in a sign of investors’ pivot toward AI hardware. The memory chipmaker sits at the center of China’s push to build domestic AI infrastructure, a priority closely aligned with Beijing’s industrial strategy. The shift reaches beyond one stock: China’s hardware sector, including CXMT, briefly surpassed retailers and software in the MSCI China All Shares Net Total Return Index this year. The Star50 Index, heavy with chip stocks, has risen about 28% in 2026, while the Hang Seng Tech Index has fallen nearly 15% as Tencent, Alibaba Group Holding and Xiaomi lost ground.