Everyone says Changxin Technology has gone crazy after the surge.

But I think what’s worth paying attention to more than the stock price is that it has started to change the competitive logic of the global storage industry.

Today, Changxin Technology listed on the STAR Market. At the opening, it was up more than 470% from its issue price. Its market cap briefly reached about 3.31 trillion yuan, making it #1 by market value among A-shares. The company also set a new record for STAR Market IPOs.

Many people’s first reaction was: “Another runaway bull stock.”

But if you just watch the price, you may miss the bigger story.

In the past few years, the biggest bottleneck for AI hasn’t been compute power—it’s storage.

Whether it’s training large models or AI inference, it requires huge amounts of DRAM and HBM. Previously, the voice power in high-end storage long concentrated among international players such as Samsung, SK hynix, and Micron. And as AI demand has continued to explode recently, the global storage industry has once again entered a high-demand cycle.

Now, with Changxin Technology going public, it means that China’s DRAM makers have officially stepped into the spotlight of the global capital markets.

This isn’t just about a company successfully raising funds—it means the global storage industry is beginning to enter a new stage of competition.

In the future, what’s truly worth watching isn’t how much any one stock rises in a single day, but three variables:

First, how long the storage demand brought by AI can keep going;

Second, whether DRAM prices can hold at high levels;

Third, whether Chinese manufacturers can continue to improve technology and production capacity, and win more share in global markets.

So I think this market movement shouldn’t be understood simply as “Changxin Technology is soaring like crazy.”

It’s more like a piece of the puzzle in the AI era.

In the past, when everyone discussed AI, they focused more on GPUs; in the future, the importance of storage chips may get increasingly close to compute power itself.

If AI continues to develop at high speed, then the competition around storage may have only just started. #长鑫今日上市Gate合约抢占交易先机 #夏日创作营 @Gate 广场