#夏日创作营 In the AI era, can Changxin make a comeback against Micron?

A storage war between a latecomer and an established dominant player
If the semiconductor race of the past 20 years was a competition of CPUs and GPUs, then in the next 10 years of the AI era, the true strategic resource may be storage chips. Because the development of large AI models not only needs stronger computing power, but also requires massive, high-speed data transfer capabilities. GPUs handle “computation,” while DRAM handles “feeding data.” Without high-speed storage, even a GPU that’s powerful will end up “waiting.” In the global DRAM market, a “three major players” pattern has long formed: Samsung Electronics, SK hynix, and Micron Technology, with the three companies occupying the vast majority of global DRAM market share.
In recent years, a new player from China has been rising rapidly: Changxin Technology
In 2026, Changxin Technology listed on the capital markets, becoming an important event for China’s semiconductor industry. The company’s IPO fund-raising scale reached about 29.5 billion yuan, sparking market attention on whether “China can break overseas storage monopolies.”
So: how far is Changxin Technology from Micron? In the future, who will become an important winner in the AI storage era?

01
Basic background: a pursuer that has been around for ten years, and a half-century-level giant
Changxin Technology: a domestic DRAM breakthrough maker
Changxin Technology was established around 2016, with a very clear goal: to break China’s long-standing reliance on imports in the DRAM storage field.
In the past, China’s semiconductor industry had a clear shortcoming:
CPUs could be developed independently; GPUs began to break through; NAND had Yangtze Memory, but DRAM was long absent
And DRAM is precisely the core storage in computers, smartphones, servers, and AI infrastructure.
Changxin Technology chose the hardest route: building DRAM manufacturing capabilities from zero.
DRAM industry characteristics:
Huge investment, fast technological iterations, very high yield requirements, and the need for long-term experience accumulation
Therefore, the global DRAM industry has long been highly concentrated.
Currently, Changxin has become one of the world’s fourth-largest DRAM makers, but its market share still remains clearly lower than Samsung, SK hynix, and Micron.
Micron Technology: a global storage veteran
Micron was founded in 1978, and is one of the few companies in the world that has been able to participate in DRAM competition for a long time.
It has gone through:
the PC era, the mobile phone era, the cloud computing era, and the AI server era
Its current business covers:
DRAM, NAND Flash, HBM, SSD, LPDDR
Especially in the AI era, Micron is focusing on:
HBM high-bandwidth storage for AI servers, DDR5 for data centers, and SSDs
Micron’s disclosed information shows that its AI-related storage product lineup includes HBM3E, HBM4, high-capacity DDR5 RDIMM, data center SSDs, and more.
In short: Micron has already stood in the front row of the AI storage wave, while Changxin is catching up.

02
Core business comparison: both are DRAM, but they are positioned completely differently
Company stage
Changxin Technology Growth stage
Micron Technology Mature giant
Established
Changxin Technology 2016
Micron Technology 1978
Core products
Changxin Technology DRAM
Micron Technology DRAM + NAND + HBM
Market position
Changxin Technology Global fourth-tier
Micron Technology Global top three

Technology accumulation
Changxin Technology Rapid catch-up
Micron Technology Decades of accumulation
Customer base
Changxin Technology Mostly domestic customers
Micron Technology Global customers
AI storage layout
Changxin Technology Starting stage

03
The biggest gap: advanced process and HBM in the AI era—can Changxin turn the tables on Micron?

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July 27, 2026 16:12
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A storage war between a latecomer and an established dominant player—if the semiconductor competition of the past 20 years was a competition of CPUs and GPUs, then in the next 10 years of the AI era, the true strategic resource may be storage chips. Because the development of AI large models not only needs stronger computing power, but also requires massive, high-speed data transfer capabilities. GPUs handle “computation,” while DRAM handles “feeding data.” Without high-speed storage, even a GPU that’s powerful will end up “waiting.” In the global DRAM market, a “three major players” pattern has long formed: Samsung Electronics, SK hynix, Micron Technology
The three companies account for the vast majority of global DRAM market share. But in recent years, a new player from China is rising rapidly: Changxin Technology. In 2026, Changxin Technology entered the capital markets, becoming an important event for China’s semiconductor industry. The company’s IPO fund-raising scale reached about 29.5 billion yuan, drawing attention to whether “China can break overseas storage monopolies.” So: how far is Changxin Technology from Micron? In the future, who will become an important winner in the AI storage era?01
Basic background: a pursuer that has been around for ten years, and a half-century-level giant
Changxin Technology: a domestic DRAM breakthrough maker
Changxin Technology was established around 2016, with a very clear goal: to break China’s long-standing reliance on imports in the DRAM storage field.
In the past, China’s semiconductor industry had a clear shortcoming:
CPUs could be developed independently; GPUs began to break through; NAND had Yangtze Memory, but DRAM was long absent
And DRAM is precisely the core storage in computers, smartphones, servers, and AI infrastructure.
Changxin Technology chose the hardest route: building DRAM manufacturing capabilities from zero.
DRAM industry characteristics: huge investment, fast technological iterations, very high yield requirements, and the need for long-term experience accumulation
Therefore, the global DRAM industry has long been highly concentrated.
Currently, Changxin has become one of the world’s fourth-largest DRAM makers, but its market share still remains clearly lower than Samsung, SK hynix, and Micron.
Micron Technology: a global storage veteran
Micron was founded in 1978, and is one of the few companies in the world that has been able to participate in DRAM competition for a long time. It has gone through:
the PC era, the mobile phone era, the cloud computing era, and the AI server era
Its current business covers:
DRAM, NAND Flash, HBM, SSD, LPDDR
Especially in the AI era, Micron is focusing on:
HBM high-bandwidth storage for AI servers, DDR5 for data centers, SSDs
Micron’s disclosed information shows that its AI-related storage product lineup includes HBM3E, HBM4, high-capacity DDR5 RDIMM, data center SSDs, and more.
In short: Micron has already stood in the front row of the AI storage wave, while Changxin is catching up.
02
Core business comparison: both are DRAM, but they are positioned completely differently—Changxin Technology vs. Micron Technology Company stage: Changxin Technology Growth stage; Micron Technology Mature giant Established: Changxin Technology 2016; Micron Technology 1978 Core products: Changxin Technology DRAM; Micron Technology DRAM + NAND + HBM Market position: Changxin Technology Global fourth-tier; Micron Technology Global top three Technology accumulation: Changxin Technology Rapid catch-up; Micron Technology Decades of accumulation Customer base: Changxin Technology Mostly domestic customers; Micron Technology Global customers AI storage layout: Changxin Technology Starting stage; Micron Technology Already commercialized
03
The biggest gap: advanced process and HBM—If ordinary DRAM is a storage chip, then HBM is the “super memory” of the AI era. For example, NVIDIA’s AI GPUs: the GPU is responsible for computation, while HBM is responsible for high-speed data exchange. Without HBM, AI servers can’t fully realize their performance. Currently, Micron has entered the HBM competition. Its 2025 financial report shows that the company’s HBM, high-capacity DIMMs, and low-power server DRAM revenue is growing rapidly, becoming an important driver for AI demand. And Changxin’s biggest challenge right now is HBM. The reason is simple: HBM not only needs DRAM chips, but also requires advanced packaging TSV technology, high-yield manufacturing, and customer certification. This is the result of long-term accumulation across the entire industrial chain. Therefore: DRAM is the first gate, and HBM is the second gate. Changxin has completed the first step, but it still has distance from core AI storage. 04
Technology roadmap: Changxin is catching up, but Micron is still ahead—DRAM competition mainly looks at several indicators: 1) Process node: the more advanced the process, the lower the unit cost, the lower the power consumption, and the higher the performance. Micron has already entered advanced nodes such as 1β DRAM and 1γ DRAM. Micron disclosed that it has achieved mass production at the 1γDRAM node and is advancing next-generation products like HBM4. Changxin currently focuses mainly on directions such as DDR4, DDR5, and LPDDR. The gap is roughly between one generation and several generations. 2) Manufacturing experience—What is the hardest thing to copy in semiconductors? It’s not design. It’s yield. A wafer fab: buying equipment is easy. The real difficulty is in process tuning, parameter optimization, defect control, and improving yield. Samsung, Micron, and SK hynix have experienced decades of competition. Changxin has less than ten years. So Changxin’s biggest challenge is not “can it produce.” Instead, it is: “can it produce at low cost, at large scale, and in stable mass production.” 05
Business model: one relies on the global market, the other relies on domestic substitution—Micron: a globalized business model. Customers include cloud computing providers, AI server companies, PC manufacturers, and mobile phone manufacturers. Advantage: a mature global customer certification system. Changxin: China’s large application market. China has the world’s largest: smartphone market, server market, and AI application market. Therefore, domestic substitution gives Changxin huge room for growth. Especially in: domestic servers, domestic AI infrastructure, and consumer electronics.
Changxin’s biggest opportunity is not to defeat Micron in the short term.
Instead, it’s to first replace imported market share.

06
How does the capital market view it?
Micron: what the market gives is an “AI storage leader” valuation.
Logic: growth in AI servers → growth in HBM demand → storage prices rise → profits improve. In fiscal year 2025, Micron’s revenue growth was mainly driven by DRAM and NAND price improvements as well as AI demand.
Changxin: what the market gives is a “domestic semiconductor self-controllable asset” valuation.
Investment logic includes:
First: domestic substitution has enormous room. China has long relied on importing storage.
Second: AI brings a surge in storage demand.
Third: capital support expands capacity.
IPO funds will be used for:
capacity expansion
technology research and development
production line construction  

07
The biggest variable: will AI change the storage industry’s landscape?
In the past: the biggest problem in the storage industry was the cycle.
Supply exceeded demand: price crashes, companies lose money, reduce capacity, then prices rise—repeat. But AI is changing this cycle.
Reason: AI servers require large amounts of high-speed storage.
Especially: HBM, DDR5, and high-capacity DRAM
Demand is growing rapidly, giving all storage companies new growth opportunities.

08 Conclusion
If you compare the storage industry to a marathon:
Micron: has already run for more than 40 years, with global customers and technical accumulation.
Changxin: has just entered the track, but behind it has China’s largest semiconductor application market. The two are not simply a matter of “who replaces whom.”
In the future, it is more likely that a pattern will form: Micron continues to occupy the global high-end market, Changxin gradually expands its share in the China market, and AI drives the entire DRAM industry into a new cycle.
What truly determines victory or defeat is not a single product generation.
Instead, it is: ten years of technological accumulation, capital investment, and the capability across the industrial chain. Whether Changxin can grow from a “China storage breakthrough maker” into a “global storage giant” will become one of the most worth-watching stories in the future semiconductor industry. $CXMT ‌