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

A storage war between “latecomers” and an “old-school霸主”
If the semiconductor competition of the past 20 years was a race between 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 requires stronger computing power, but also needs massive, high-speed data transfer capabilities. GPUs handle “computation,” while DRAM handles “feeding data.” Without high-speed storage, even the strongest GPU will end up “waiting.” In the global DRAM market, a long-standing “three-giants” pattern has formed: Samsung Electronics, SK hynix, Micron Technology—three companies together occupy the vast majority of the global DRAM market.
And in recent years, a new player from China has been rapidly rising: Changxin Technology
In 2026, Changxin Technology listed on the capital market, becoming an important event for China’s semiconductor industry. The company’s IPO fundraising target reached about RMB 29.5 billion (¥29.5B元), drawing market attention to whether “China can break the overseas storage monopoly.”
So: How far is Changxin Technology from Micron? In the future, who will become a key winner in the AI storage era?

01
Basic background: a pursuer that has been around for ten years, versus a half-century-level giant
Changxin Technology: a breakthrough in domestically produced DRAM
Changxin Technology was established around 2016, with a very clear goal: to break China’s long-standing dependence on imported DRAM in the storage field.
In the past, China’s semiconductor industry had a clear weakness:
CPU can be developed independently, GPU has begun to break through; NAND has Yangtze Memory, but DRAM has long been absent
And DRAM is precisely the core storage in computers, mobile phones, servers, and AI infrastructure.
Changxin Technology chose the hardest route: building DRAM manufacturing capability from scratch.
DRAM industry characteristics:
Huge investment, fast technical iteration, very high yield requirements, and the need for long-term experience accumulation
Therefore, the global DRAM industry has always been highly concentrated.
At present, Changxin has become one of the world’s top four DRAM manufacturers, 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 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, the AI server era
Its current business covers:
DRAMNAND FlashHBMSSDLPDDR
Especially in the AI era, Micron is focusing on:
HBM high-bandwidth storage for AI servers DDR5 data center SSD
Micron’s disclosed information shows that its AI-related storage product portfolio includes HBM3E, HBM4, high-capacity DDR5 RDIMM, data center SSD, and more.
In simple terms: Micron is already standing at the front row of the AI storage wave, while Changxin is playing catch-up.

02
Core business comparison: both are DRAM, but they stand in completely different positions
Company stage
Changxin Technology Growth stage
Micron Technology Mature giant
Founded
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 Fast catch-up
Micron Technology Decades of accumulation
Customer base
Changxin Technology Mainly domestic customers
Micron Technology Global customers
AI storage layout
Changxin Technology Early stage

03
The biggest gap: advanced process and HBM—can Changxin make a comeback against Micron?

Original

The Edge of Order People
The Edge of Order People

The Edge of Order People

July 27, 2026 16:12
Beijing

2 people

Read this chapter in the novel reader
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Immerse yourself in reading in the novel reader
A storage war between “latecomers” and an “old-school霸主”
If the semiconductor competition of the past 20 years was a race between 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 requires stronger computing power, but also needs massive, high-speed data transfer capabilities. GPUs handle “computation,” while DRAM handles “feeding data.” Without high-speed storage, even the strongest GPU will end up “waiting.” In the global DRAM market, a long-standing “three-giants” pattern has formed: Samsung Electronics SK hynix Micron Technology
The three companies occupy the vast majority of the global DRAM market share. And in recent years, a new player from China has been rapidly rising: Changxin Technology In 2026, Changxin Technology listed on the capital market, becoming an important event for China’s semiconductor industry. The company’s IPO fundraising target reached about RMB 29.5 billion (¥29.5B元), drawing market attention to whether “China can break the overseas storage monopoly.” So: how far is Changxin Technology from Micron? In the future, who will become a key winner in the AI storage era?

01
Basic background: a pursuer that has been around for ten years, versus a half-century-level giant
Changxin Technology: a breakthrough in domestically produced DRAM
Changxin Technology was established around 2016, with a very clear goal: to break China’s long-standing dependence on imported DRAM in the storage field.
In the past, China’s semiconductor industry had a clear weakness:
CPU can be developed independently, GPU has begun to break through; NAND has Yangtze Memory, but DRAM has long been absent
And DRAM is precisely the core storage in computers, mobile phones, servers, and AI infrastructure.
Changxin Technology chose the hardest route: building DRAM manufacturing capability from scratch.
DRAM industry characteristics: Huge investment, fast technical iteration, very high yield requirements, and the need for long-term experience accumulation
Therefore, the global DRAM industry has always been highly concentrated.
At present, Changxin has become one of the world’s top four DRAM manufacturers, 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 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, the AI server era
Its current business covers:
DRAMNAND FlashHBMSSDLPDDR
Especially in the AI era, Micron is focusing on:
HBM high-bandwidth storage for AI servers DDR5 data center SSD
Micron’s disclosed information shows that its AI-related storage product portfolio includes HBM3E, HBM4, high-capacity DDR5 RDIMM, data center SSD, and more.
In simple terms: Micron is already standing at the front row of the AI storage wave, while Changxin is playing catch-up.

02
Core business comparison: both are DRAM, but they stand in completely different positions Comparing Changxin Technology with Micron Technology Company stage Growth stage Mature giant Founded 2016 1978 Core products DRAM DRAM + NAND + HBM Market position Global fourth tier Global top three Technology accumulation Fast catch-up Decades of accumulation Customer base Mainly domestic customers Global customers AI storage layout Early stage Has been 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 GPU—GPUs handle computing, while HBM handles high-speed data exchange. Without HBM, AI servers cannot perform. Currently: Micron has entered the HBM race. Its 2025 financial report shows that the company’s HBM, high-capacity DIMM, and low-power server DRAM revenue is growing rapidly, becoming an important driver of AI demand. And Changxin’s biggest challenge right now is HBM. The reason is simple: HBM not only needs DRAM chips, but also needs: advanced packaging TSV technology, high-yield manufacturing, and customer certification
These are the results 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 is still far from AI core storage. 04
Technology route: Changxin is playing catch-up, but Micron is still ahead
DRAM competition mainly depends on 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 entered advanced nodes such as 1β DRAM and 1γ DRAM. Micron disclosed that it has achieved mass production at the 1γ DRAM node and is promoting next-generation products such as HBM4. Changxin currently mainly focuses on directions such as DDR4 DDR5 LPDDR, etc. The gap is about one to several generations.
2. Manufacturing experience
What is hardest to replicate in semiconductors? It’s not design. It’s: yield. A wafer fab: buying equipment is easy. The real difficulty is: process tuning, parameter optimization, defect control, and improving yield
Samsung, Micron, and SK hynix have competed for decades. Changxin has been around for less than ten years. So Changxin’s biggest challenge is not “whether it can manufacture.” Instead, it is: “whether it can manufacture at low cost, at large scale, and with stable output.” 05
Business model: one relies on the global market, and the other relies on domestic substitution
Micron: a globalized business model. Customers include: cloud computing companies, AI server enterprises, PC manufacturers, and mobile phone manufacturers
Advantage: its global customer certification system is mature.
Changxin: China’s huge application market.
China is the world’s largest: mobile phone market, server market, and AI application market
Therefore, domestic substitution provides Changxin with enormous space. Especially in: domestically produced servers, domestic AI infrastructure, and consumer electronics fields.

Original

The Edge of Order People
The Edge of Order People

The Edge of Order People

July 27, 2026 16:12
Beijing

2 people

Read this chapter in the novel reader
Go to reading

Immerse yourself in reading in the novel reader
A storage war between “latecomers” and an “old-school霸主”
If the semiconductor competition of the past 20 years was a race between 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 requires stronger computing power, but also needs massive, high-speed data transfer capabilities. GPUs handle “computation,” while DRAM handles “feeding data.” Without high-speed storage, even the strongest GPU will end up “waiting.” In the global DRAM market, a long-standing “three-giants” pattern has formed: Samsung Electronics SK hynix Micron Technology
The three companies occupy the vast majority of the global DRAM market share. And in recent years, a new player from China has been rapidly rising: Changxin Technology In 2026, Changxin Technology listed on the capital market, becoming an important event for China’s semiconductor industry. The company’s IPO fundraising target reached about RMB 29.5 billion (¥29.5B元), drawing market attention to whether “China can break the overseas storage monopoly.” So: how far is Changxin Technology from Micron? In the future, who will become a key winner in the AI storage era?01
Basic background: a pursuer that has been around for ten years, versus a half-century-level giant
Changxin Technology: a breakthrough in domestically produced DRAM
Changxin Technology was established around 2016, with a very clear goal: to break China’s long-standing dependence on imported DRAM in the storage field.
In the past, China’s semiconductor industry had a clear weakness:
CPU can be developed independently, GPU has begun to break through; NAND has Yangtze Memory, but DRAM has long been absent
And DRAM is precisely the core storage in computers, mobile phones, servers, and AI infrastructure.
Changxin Technology chose the hardest route: building DRAM manufacturing capability from scratch.
DRAM industry characteristics: Huge investment, fast technical iteration, very high yield requirements, and the need for long-term experience accumulation
Therefore, the global DRAM industry has always been highly concentrated.
At present, Changxin has become one of the world’s top four DRAM manufacturers, 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 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, the AI server era
Its current business covers:
DRAMNAND FlashHBMSSDLPDDR
Especially in the AI era, Micron is focusing on:
HBM high-bandwidth storage for AI servers DDR5 data center SSD
Micron’s disclosed information shows that its AI-related storage product portfolio includes HBM3E, HBM4, high-capacity DDR5 RDIMM, data center SSD, and more.
In simple terms: Micron is already standing at the front row of the AI storage wave, while Changxin is playing catch-up.
02
Core business comparison: both are DRAM, but they stand in completely different positions Comparing Changxin Technology with Micron Technology Company stage Growth stage Mature giant Founded 2016 1978 Core products DRAM DRAM + NAND + HBM Market position Global fourth tier Global top three Technology accumulation Fast catch-up Decades of accumulation Customer base Mainly domestic customers Global customers AI storage layout Early stage Has been 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 GPU—GPUs handle computing, while HBM handles high-speed data exchange. Without HBM, AI servers cannot perform. Currently: Micron has entered the HBM race. Its 2025 financial report shows that the company’s HBM, high-capacity DIMM, and low-power server DRAM revenue is growing rapidly, becoming an important driver of AI demand. And Changxin’s biggest challenge right now is HBM. The reason is simple: HBM not only needs DRAM chips, but also needs: advanced packaging TSV technology, high-yield manufacturing, and customer certification
These are the results 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 is still far from AI core storage. 04
Technology route: Changxin is playing catch-up, but Micron is still ahead
DRAM competition mainly depends on 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 entered advanced nodes such as 1β DRAM and 1γ DRAM. Micron disclosed that it has achieved mass production at the 1γ DRAM node and is promoting next-generation products such as HBM4. Changxin currently mainly focuses on directions such as DDR4 DDR5 LPDDR, etc. The gap is about one to several generations.
2. Manufacturing experience
What is hardest to replicate in semiconductors? It’s not design. Instead, it is: yield. A wafer fab: buying equipment is easy. The real difficulty is: process tuning, parameter optimization, defect control, and improving yield
Samsung, Micron, and SK hynix have competed for decades. Changxin has been around for less than ten years. So Changxin’s biggest challenge is not “whether it can manufacture.” Instead, it is: “whether it can manufacture at low cost, at large scale, and with stable output.” 05
Business model: one relies on the global market, and the other relies on domestic substitution
Micron: a globalized business model. Customers include: cloud computing companies, AI server enterprises, PC manufacturers, and mobile phone manufacturers
Advantage: its global customer certification system is mature.
Changxin: China’s huge application market.
China is the world’s largest: mobile phone market, server market, and AI application market
Therefore, domestic substitution provides Changxin with enormous space. Especially in: domestically produced servers, domestic AI infrastructure, and consumer electronics fields.