Goldman Warns 'Memory Industry Has A New Problem' As China Chipmaker CXMT Explodes Over 450% In IPO Debut

Chinese memory giant CXMT, which we have discussed extensively in recent weeks due to its critical role in the Chinese memory supply chain (here, here, here and here), and which Apple is hoping to use as an alternative DRAM supplier to the Big 3 cartel (Samsung, SK Hynix and Micron), surged over 470% in its STAR Market debut today, briefly reaching an implied valuation of over $500bn and surpassing Intel in market cap. 

At its closing price of 49 yuan on Monday, the maker of dynamic random-access memory chips is valued at about 3.3 trillion yuan ($488 billion), surpassing all other A-share companies.