CXMT swings to 54.4 billion yuan third-quarter profit as revenue surges

Reuters reports ChangXin Memory Technologies posted 54.4 billion yuan in third-quarter net profit attributable to shareholders. Revenue climbed 613.2% from a year earlier but 19.3% from the prior quarter. CXMT attributed its profit swing to AI-driven demand lifting memory-chip prices. Bloomberg notes that quarter-on-quarter revenue growth was slower than in the second quarter and suggests the AI-fueled rally in Chinese memory-chip prices may be losing steam.