Changxin Technology $CXMT saw its market cap break above $3.5 trillion at one point, becoming the new king of China A-shares 🫅.

And the latest evaluation from Nomura says Changxin is bullish at RMB 116, with a market cap of $7.76 trillion—could it even double?

Brothers, do you dare to get in?

I looked closely at Nomura’s report. They expect DRAM revenue to surge by more than $2 trillion by 2030. Yes, that’s trillion, with a T.

From about $35k in 2022 to more than $2.06 trillion in 2030.

Below is the complete supply-and-demand outlook they published.

Production is expected to rise from 29.3 billion GB in 2022 to 128.4 billion GB in 2030.

Shipments are expected to climb from 24.7 billion GB to nearly 126.0 billion GB.

Utilization stays at very high levels; in later years it often exceeds 100%, and inventory even turns negative in absolute terms. This is a clear signal of a structurally tight market.

The price trajectory is equally dramatic. After prices plunged in 2023 to $1.9 per GB, Nomura expects a strong rebound.

They forecast $13.7 per GB in 2026, peaking at nearly $18.6 per GB in 2027, and then stabilizing around $16 to $17 per GB before 2030.

Higher shipment volumes combined with these sustained high average selling prices is exactly what drives that over-$2 trillion revenue number.

This isn’t a normal cyclical recovery. The forecast assumes AI and data center demand will stay ahead of supply for years.

Semiconductor wafer capacity is growing, but nowhere near fast enough to match the pace of Bitcoin demand.

High-bandwidth memory, or HBM, is the main driving force here. It brings higher density, higher pricing, and far better profitability than standard commodity DRAM.

As background, most mainstream long-term forecasts still believe the entire DRAM market will remain below $300 to $400 billion by 2030.

Nomura is basically saying: if AI infrastructure spending continues at the current pace, this market could be 5 to 7 times larger than those conservative estimates.

This would have a huge impact on the four giants—Samsung, SK hynix, Micron, and Changxin.

If even part of this comes true, memory chips could become one of the biggest profit pools in the entire semiconductor industry.

Capital expenditures will need to accelerate, but under this scenario the pricing power looks very favorable.

Of course, these are aggressive assumptions. AI spending could slow, new capacity might come online faster than expected, or Chinese producers could close the gap more quickly.

But the overall direction is very clear.

DRAM is just an old idea of a pure commodity cycle—one that AI is fundamentally rewriting.

By 2030, the $2 trillion DRAM market. That’s the key reason Nomura dares to call for Changxin’s $7.7 trillion market cap! 🧐 #长鑫科技上市，全球存储竞争添变量 #长鑫科技