Apple tests CXMT DRAM chips for China devices, FT reports

According to CNBC, Apple has begun testing DRAM chips from China’s state-backed ChangXin Memory Technologies (CXMT) for devices sold within China and is lobbying the U.S. government to permit broader use of CXMT products, the Financial Times reported, citing people familiar with the matter. The FT said CXMT plans to raise at least 29.5 billion yuan ($4.3 billion) in an upcoming IPO, and reported that at least 15 state-owned shareholders collectively hold 36% of the company. The report said CXMT is the world’s fourth-largest producer of DRAM and that its market share is expected to rise to 15% by 2028 from roughly 11% last year, citing SemiAnalysis data; peers include Samsung Electronics, SK Hynix and Micron Technology. Apple and CXMT did not immediately respond to CNBC requests for comment.