$CXMT Plans 31% DRAM Capacity Expansion as China Gains Memory Share

China’s largest DRAM producer, $CXMT, is projected to expand monthly wafer capacity from roughly 320,000 wafers today to around 420,000 in 2027.
That would represent an increase of about 31%.
Capacity could climb further to roughly 500,000 to 600,000 wafers per month by late 2028 as the company expands facilities in Shanghai, Beijing and Hefei.
$CXMT is also gaining market share.
The company reportedly captured 9.5% of global DRAM revenue in Q2, up from 7.6% in Q1, making it the world’s fourth-largest DRAM supplier.
The expansion could have important implications for conventional DRAM pricing.
Samsung, SK Hynix and $MU are increasingly allocating advanced capacity toward higher-margin HBM products for AI accelerators.
That leaves $CXMT an opportunity to add significant supply in more traditional DRAM segments while the largest incumbents focus on HBM.
The risk for the industry is that aggressive Chinese capacity growth eventually creates pricing pressure in conventional DRAM even if high-end AI memory remains structurally tight.
The memory market could therefore become increasingly split between strong HBM economics and greater supply competition in mature DRAM.