China's CXMT Rejects Apple Request for Below-Market DRAM Pricing

CXMT declined a request from Apple to provide memory chips at prices below the current market rate, according to a market report. The decision underscores the current leverage of the Chinese DRAM producer as a shortage of artificial intelligence memory chips continues to drive pricing higher across the industry. CXMT's third-quarter revenue surged to about $16.7B, a 613% increase year over year, with a net profit of $8.17B, while revenue for the first nine months reached $40.39B and net income was $19.82B, though sequential quarterly profit growth of only 3% suggests the pace of price gains is cooling.