CXMT (688825.SH) recorded an EBIT margin of 82% in 2Q26, leading global competitors and toppling Micron Technology, Inc. (MU.US), Sandisk Corporation (SNDK.US), SK hynix Inc. (SKHY.US), Samsung Electronics and Kioxia, data from Quick FactSet and company disclosure showed.

CXMT produces DRAM used in various devices ranging from smartphones to data centers. Its customers include BABA-W (09988.HK), ByteDance and TENCENT (00700.HK), among other Chinese technology groups.

Although CXMT's absolute profit level remained below that of South Korean competitors and Micron Technology, it was still higher than NAND flash memory makers Kioxia and Sandisk.

SK hynix, Samsung and Micron Technology are focusing on high bandwidth memory (HBM), resulting in insufficient production of general-purpose chips and driving a sharp rise in prices of CXMT's key DDR5 products.
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Chinese chipmaker ENFLAME TECHNOLOGY (688801.SH) debuted on Shanghai's STAR Market this morning (11th), opening at RMB410 per share, 188.37% higher than its IPO price of RMB142.18 per share. The company is developing domestic products that could replace offerings from US competitors such as NVIDIA Corporation (NVDA.US).

ENFLAME TECHNOLOGY's IPO saw strong demand, with the retail tranche oversubscribed by more than 6,000 times, prompting the company to reallocate additional shares to retail investors.

Backed by TENCENT (00700.HK), ENFLAME TECHNOLOGY is regarded as one of China's "Four Little Dragons" of AI chips and the last among the group to go public.

The other three companies also posted surges after listing and have continued trading above their IPO prices. METAX (688802.SH) skyrocketed nearly 700% on its first trading day after listing in December 2025; MOORE THREADS (688795.SH) escalated more than 400% on debut; while BIREN TECH (06082.HK) rallied 76% during its IPO in January this year.

Investors are betting that domestic AI chipmakers can replace NVIDIA in the China market. According to IDC data cited in ENFLAME TECHNOLOGY's prospectus and translated by CNBC, international chipmakers led by NVIDIA accounted for nearly 60% of China's AI accelerator market in 2025.

China's semiconductor industry buildout is accelerating. In an August report, Goldman Sachs said growth in China's foundation models and AI applications is driving development in AI chips, foundries, memory and advanced packaging.

Analysts expected China's semiconductor capex to reach USD82 billion by 2030, driven mainly by memory and advanced process capacity expansion under the generative AI trend.

Domestic startup models such as Moonshot AI's Kimi K3 narrowed the gap with leading US models, while global adoption of Chinese AI systems continues to increase. Rival Z.AI (02513.HK) said its GLM-5.3-Flash model runs entirely on China-made chips. Analysts noted that the company may be using a combination of chips from Huawei, ENFLAME TECHNOLOGY and other domestic suppliers.

BABA-W (09988.HK) is also developing its own AI chips and supporting software while optimizing systems to support major Chinese models.
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OpenAI is considering slowing the pace of frontier AI development, while CEO Sam Altman hopes other AI companies will adopt the same approach, Bloomberg, citing sources, reported.

In recent weeks, employees at multiple leading AI companies have publicly expressed concerns over the rising risks of advanced AI systems. In late July, more than 1,000 employees from major AI companies signed a petition calling for mechanisms to slow the pace of AI development.
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Meta Platforms, Inc. (META.US)'s AI growth story has historically been less clear than that of some large-cap Tech peers, but the situation may be changing.

JPMorgan analyst Doug Anmuth is preparing to recommend the stock after Meta recently launched Muse. The company said Muse can proactively help users achieve goals while operating in a private and secure manner. The AI agent powered by Meta's Muse model series advanced to No. 3 on the US Apple App Store rankings as of Thursday.

Anmuth said Meta may still be in the early stages of rolling out AI products to consumers, but with progress in personal agents and frontier models, the company has notable upside.

Anmuth upgraded Meta from Neutral, equivalent to Hold, to Overweight, equivalent to Buy, and raised the TP to USD820, implying about 27% upside from the previous night's closing price of USD644.38.

Anmuth noted that most of Meta's AI efforts to date have focused on improving its advertising business, but its AI models will become the foundation for the company's product and monetization pipeline, as well as its path toward superintelligence over the coming years. Superintelligence refers to the stage where AI surpasses the smartest humans across multiple domains.
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The HSI closed at 24,954, down 320 points or 1.27%, with full-day turnover at HKD198.865 billion. The HSCEI settled at 8,274, down 94 points or 1.13%. The HSTECH ended at 4,330, down 90 points or 2.04%.

Blockbuster dotcoms led the decline. MEITUAN-W (03690.HK) nosedived nearly 4%; BIDU-W (09888.HK) slumped 3.31%; BABA-W (09988.HK) and KUAISHOU-W (01024.HK) plunged over 2%; and TENCENT (00700.HK) fell off 1.94%.

Chinese banks and insurers advanced. JPMorgan forecast room for higher dividend payout ratios among state-owned Chinese banks, with BANK OF CHINA (03988.HK) and CCB (00939.HK) as top picks. The two stocks rose 0.93% and 1.61%, respectively. ABC (01288.HK) gained 1.27%; ICBC (01398.HK) added 0.86%; CHINA LIFE (02628.HK) soared 2.24%, making it the best-performing blue chip of the day; while PICC P&C (02328.HK) added 1.25%.

DeepSeek cut prices for its latest Flash series. Morgan Stanley warned that price competition may intensify, sending Z.AI (02513.HK) down by 10.34%; MINIMAX-W (00100.HK) down 8.98%; and XUNCE (03317.HK) down 5.5%.

Apple Inc. (AAPL.US) held a product launch event overnight. Goldman Sachs said it was optimistic on Apple supply chain stocks including LINGYI ITECH (01688.HK) and LUXSHARE ICT (02475.HK), although related shares traded mixed today. LINGYI ITECH rallied 3.2%; LUXSHARE ICT tumbled 5.98%; AAC TECH (02018.HK) dipped 2.31%; and SUNNY OPTICAL (02382.HK) declined 1.15%.

Among individual stocks, ZHIDA TECH (02650.HK) proliferated 107.22% on heavy volume to close at HKD14.92, with trading volume of 129 million shares and turnover of HKD1.359 billion.
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Chinese AI chipmakers including Huawei and CAMBRICON (688256.SH) substantially raised prices for current and next-generation AI chips as export controls have driven up the cost of high bandwidth memory (HBM), Reuters, citing sources, reported.

Huawei reportedly raised the indicative price of its Ascend 950DT AI chip to more than RMB250,000, with quotations offered to customers rising by as much as 50% over the past two months.

CAMBRICON also repriced its next-generation chip, tentatively named "690", with indicative pricing increased by 20-30% from levels two months ago.

Sources said smaller rivals METAX (688802.SH) and ILUVATAR COREX (09903.HK) also implemented similar price increases.

ByteDance did not respond to requests for comment.
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Samsung is seeking to capitalize on renewed market interest in foldable smartphones and attract users to switch to its products as Apple Inc. (AAPL.US) enters the market.

A Samsung Electronics spokesperson told CNBC that the proportion of global users switching from iOS to the latest Galaxy Z Fold8 series launched in July this year was 1.6x higher than that of the previous-generation Galaxy Z Fold7 and Flip7. Samsung launched its first Galaxy Fold in 2019, becoming an early pioneer in the category.

Apple unveiled its first foldable iPhone at an event on Wednesday (9th), marking one of the major product launches under newly appointed CEO John Ternus.

Samsung said that 30% of Galaxy Z Flip8 buyers in the US switched from other smartphone brands, with most purchasing a foldable phone for the first time. The company added that Galaxy Z Fold8 buyers were exceptionally attracted by its slim and lightweight design and inner display suited for multitasking and content viewing, while Fold8 Ultra buyers preferred its large screen and additional workspace without the need to purchase a separate tablet.
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SK Group Chairman Chey Tae-won plans to visit the AI data center under construction in Ulsan, South Korea on Friday (11th) to review the progress of the project, Yonhap News Agency, citing sources, reported.

The AI data center is being jointly developed by SK Group and AWS, a unit of Amazon.com, Inc. (AMZN.US). The project will require an investment of KRW7 trillion (USD5.2 billion) and is projected to commence operations in 2H27.
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China's National Development and Reform Commission (NDRC) held a roundtable meeting in Beijing with senior executives of US multinational companies (MNCs) in China under the theme of "Embracing the 15th Five-Year Plan for New Development", CCTV Finance reported.

More than 60 representatives from US companies operating in China across sectors including technology computing power, industrial energy, consumer and pharmaceuticals attended the meeting, including Amazon Web Services (AWS), NVIDIA Corporation (NVDA.US), Dell Technologies Inc. (DELL.US) and Honeywell (China).

During the meeting, relevant departments of the NDRC introduced policy considerations related to the outline of the 15th Five-Year Plan, China's foreign investment utilization policies during the 15th Five-Year Plan period, implementation results of the new round of large-scale equipment upgrades and consumer goods trade-in policies, as well as policy directions related to boosting consumption.

Relevant officials also introduced Beijing's economic and social development and promoted the city's investment environment, while senior representatives of MNCs exchanged views during the session.
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The HSI closed at 25,274, down 42 pts or 0.17%, with an intraday fluctuation of only 173 pts. Turnover amounted to HKD204.945 billion. The HSCEI closed at 8,369, down 28 pts or 0.34%. The HSTECH closed at 4,420, down 34 pts or 0.76%.

Among heavyweight techs, MEITUAN-W (03690.HK) slipped 3.47%; XIAOMI-W (01810.HK), JD-SW (09618.HK), KUAISHOU-W (01024.HK) and NTES (09999.HK) sagged more than 2%; BIDU-W (09888.HK) bucked the trend and rallied nearly 3%; TENCENT (00700.HK) and BABA-W (09988.HK) gained 0.32% and 0.27%, respectively.

For blue chips, HAIDILAO (06862.HK) stumbled 9.14% after reports that co-founder Zhang Yong's wife Shu Ping made a substantial share reduction, with Morgan Stanley expecting short-term pressure on the stock price; LI NING (02331.HK) cratered 6.04% after Nomura said the company's sales growth continued to slow; LENOVO GROUP (00992.HK), which nosedived 6% yesterday, recovered lost ground today and closed up 6.79%; CLSA warned that the outlook for China's sportswear industry remained volatile in 2H26, with ANTA SPORTS (02020.HK) down 3.23%.

Apple Inc. (AAPL.US) will hold its autumn product launch event in Hong Kong time early Thursday morning. Some Apple-related stocks rallied this morning, with AAC TECH (02018.HK), SUNNY OPTICAL (02382.HK) and LUXSHARE ICT (02475.HK) each mounting more than 3%.
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