Nomura has initiated coverage on Chinese DRAM maker ChangXin Memory Technologies, or CXMT, with a Buy rating and a target price of RMB 116, according to a report discussed in a ChainCatcher article by “The Dream of the Fourth Dimension.” The front page of the report also showed an IPO price of RMB 8.66 and implied upside of 1,239.5%, making it, in the author’s view, the most aggressive target price so far from a foreign institution on the company. The target is based on 20x projected 2028 earnings per share of about RMB 5.8. Nomura anchors that multiple to Micron’s historical forward valuation range, then adds what it sees as an A-share premium using ACM Research Shanghai versus its U.S.-listed parent as a reference. The report also projects a steep jump in revenue, net profit attributable to shareholders, gross margin, cash, and return on equity through 2028. Its broader thesis rests on rising memory demand from agentic AI, supply bottlenecks across cleanrooms, tools, materials and engineers, and CXMT’s own capacity ramp, yield improvement, and share gains. The original article, however, argues that the model’s most aggressive assumption is gross margin reaching 83.7% in 2026 and more than 90% by 2028, and suggests the figures are better read as an upside case than a long-term midpoint.

The author says NVIDIA’s $2,999 DGX Spark cut a roughly $1,900 monthly cloud GPU bill to about $10 in steady-state operating cost, keeping around $22,000 inside the business over the first year.

SK hynix has begun laying the groundwork to commercialize 3D stacked DRAM-on-Logic technology for next-generation on-device AI memory, according to the source article. The company is recruiting design engineers through its U.S. subsidiary in California, and a job description cited by Korean media says the work involves close collaboration with a U.S. customer on co-designing 3D stacked DRAM logic chips. Citrini analyst Jukan identified Apple as the most likely partner, arguing that Apple’s long-running in-house A-series and M-series chip development, its focus on package-level integration, and its existing memory ties with SK hynix make it a plausible fit. The report frames 3D stacked DRAM as a potential answer to the limits of current PoP smartphone packaging, which struggles to deliver the bandwidth, power efficiency, and space utilization needed for on-device AI inference. At the same time, the article stresses that broad commercialization remains distant, with technical maturity, production readiness, and supply-chain alignment still ahead.

Samsung is reportedly targeting another DRAM price hike in the third quarter, with average prices rising by as much as 20%. Industry sources say AI-driven HBM demand is squeezing conventional memory supply and pushing costs toward phone and PC makers.

Samsung MX chief TM Roh warns mobile business may post first-ever annual net loss. Not due to weak sales—Galaxy S26 is strong—but soaring DRAM/NAND prices from AI server demand. Memory now over 20% of flagship BOM, margins crushed.

Intel plans limited shipments of its Crescent Island AI inference accelerator by late 2026, using LPDDR5X memory and air cooling to cut deployment costs for enterprise customers.

Lenovo said at ISC 2026 that DRAM and NAND have entered a structural upcycle, with new capacity unlikely to ease pressure before 2028 and higher prices expected to persist into 2030.

The world’s three largest memory makers are backing away from commercializing their own Compute Express Link, or CXL, controllers, according to a report translated by TechFlow from ZDNet Korea. Samsung Electronics, SK Hynix and Micron have either scaled back or dropped plans to bring internally developed CXL expansion device controllers to market, with design work increasingly shifting to fabless chip companies including Montage, Astera Labs and Primemas. The reported reason is not a loss of confidence in CXL itself. Instead, memory manufacturers are weighing the business risk of selling high-priced integrated CXL modules that could erode demand for the commodity DRAM DIMMs that still generate core revenue. Major data center customers are said to prefer lower-cost disaggregated architectures, where a CXL controller is installed separately on the system board and paired with standard DIMMs. Micron has already shut down its standalone controller development line and adopted a Primemas solution. SK Hynix has told key partners it is ending in-house CXL controller development and is reallocating staff to processing-in-memory, or PIM. Samsung is taking a more limited approach, keeping its internal controller for research use while buying fabless-designed controllers for external products. The report says Samsung also removed formal commercialization of its internal controller from its roadmap.