Find XO: Chinese Memory Soars 466% on Debut, Hardware Startup Cost Tables Are Rewritten (fortune.com)

- Changxin Memory rose 466% on its Shanghai listing debut, reaching a market cap of 3.3 trillion yuan and becoming the number one mainland China-listed company. - Its DRAM market share remains in the 8% range; the market values it more for domestic substitution than capability. - For hardware teams, the remaining fact is that it has become hard to calculate memory costs as a single market. - It is practical to split the BOM into two and set separate assumptions for each.