On October 16, a research report from CITIC Securities highlighted that global memory chip stock prices have recently undergone notable volatility, underperforming other sectors since the start of October. In addition to macroeconomic factors like escalating crude oil prices, resurgent inflation, and interest rate expectations, there is growing industry focus on the progress of ChangXin Memory Technologies (CXMT) in advancing its 4F² technology. The market is concerned that if domestic Chinese wafer fabricators achieve technological breakthroughs in the lucrative server DDR5 market, it could disrupt the dominance of overseas giants who currently wield significant bargaining power through their monopoly on production capacity.

Currently, DRAM technology predominantly relies on the 6F² cell structure, with the implementation of 4F² technology hinging on the advancements made by Samsung Electronics and CXMT. As of now, the 4F² technology is still in its nascent validation phase. Going forward, key metrics such as yield rates, production volumes, gross margins, and downstream customer certifications should be closely monitored. However, in the medium to short term, the impact on the memory industry is expected to be limited. Therefore, it is advisable to keep an eye on investment opportunities within companies operating in the HDD, DRAM, and NAND sectors.