China’s DRAM giant, Changxin Technology Group (CXMT), made headlines with a massive 466% surge on its Shanghai STAR Market debut, raising $8.6 billion and briefly becoming China’s most valuable listed stock at a $487 billion market cap. For those watching the semiconductor space this eye-popping first-day gain was largely a classic low-float squeeze with only about 7% of shares available to trade driven by heavy state support for chip self-sufficiency and reports that Apple is testing CXMT’s DRA
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