China memory chipmaker CXMT’s shares soar in a blockbuster share listing in Shanghai

China's largest memory chipmaker CXMT saw its shares surge 466% on their first day of trading in Shanghai, achieving a $487 billion market capitalization. The company, which benefits from AI demand and China's push for self-sufficiency in technology, raised $8.6 billion in its IPO but remains smaller than South Korean and U.S. rivals like Samsung and Micron.