Micron, Samsung, SK Hynix Suffer Drop In DRAM Market Share As China's CXMT Pulls Ahead

• CXMT's global DRAM market share jumped to 10% in Q2 from 4% a year earlier, while SK Hynix's share fell sharply, according to Counterpoint Research.
• CXMT's $8.6 billion Shanghai IPO and plans to develop HBM and LPDDR6 could give China's leading DRAM maker more firepower to challenge established players.
• Chinese NAND firm YMTC is gearing up for a potential $4.9 billion IPO.

China's memory-chip push is increasingly challenging the dominance of Samsung Electronics, SK Hynix and Micron Technology, with Chinese DRAM maker ChangXin Memory Technologies, or CXMT, capturing a double-digit share of the global dynamic random-access memory (DRAM) market in the second quarter. 

CXMT's share in the DRAM market rose to 10% in the second quarter from 4% a year earlier, even as SK Hynix's share fell sharply, according to Counterpoint Research. DRAM is the short-term working memory used in PCs, smartphones and servers. 

In overnight trading ahead of Thursday, Micron shares were down 0.1%, while SK Hynix fell nearly 3%.

Samsung led the market with 38% in Q2, followed by SK Hynix at 25% and Micron at 24%, while CXMT reached 10%, according to Counterpoint data. The broader memory market also includes NAND flash, which is used for longer-term storage in SSDs, smartphones and data centers.   

Samsung and SK Hynix lead the market, with Japan's Kioxia and U.S.-based Western Digital and SanDisk also among the major players, while China's Yangtze Memory Technologies, or YMTC, has emerged as a major challenger.  

China's progress in both segments is becoming harder for global memory companies to ignore. CXMT's Shanghai IPO in July raised about $8.6 billion, with its shares surging 466% on the first day of trading, giving the company enormous financial firepower to expand production and develop higher-end memory. 

CXMT has already been expanding beyond conventional DRAM, with plans to develop HBM and LPDDR6 products.  

Chinese NAND firm YMTC is now preparing to follow with what could be another blockbuster memory IPO. Its parent, CCSH, has had its Shanghai STAR Market application accepted and plans to raise 33 billion yuan, or about $4.9 billion. 

The proceeds will go toward production-line upgrades and research and development, as YMTC seeks to strengthen its position in NAND and eventually challenge Samsung and SK Hynix for global leadership.  

MU Stock Muted

For investors in U.S. memory stocks, the developments come as Micron shares have struggled to establish a clear direction over the past month, trading in a relatively narrow range despite the company showing notable AI momentum in its latest earnings report. 

Micron remains a major beneficiary of surging DRAM and HBM demand, but the rapid rise of Chinese competitors adds a new competitive risk. MU stock is down 23% from its June 25 peak. On Stocktwits, the retail sentiment for MU dipped to 'bearish' on Thursday from 'neutral' the previous day.

Tariffs Warning For SK Hynix, Samsung

A new tariff threat from the U.S. weighed on South Korean chipmakers SK Hynix and Samsung Electronics on Thursday.

U.S. President Donald Trump's administration has revived its push for targeted semiconductor tariffs, with Commerce Secretary Howard Lutnick saying that companies manufacturing in the U.S. would receive tariff relief, while those relying on foreign production should expect to pay, according to a report in The Korean Herald.

“What you're going to see is targeted, thoughtful tariff policy that basically says, if you build here, you don't pay,” Lutnick reportedly told CNBC on Wednesday.“But if you don't build here, expect to pay to enter the greatest market in the world.”

South Korea's semiconductor exports surged 209% from a year earlier to a record $46.65 billion in August, accounting for 47.5% of the country's $98.25 billion in goods exports that month, according to its trade department.

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