- Morgan Stanley note (unverified) states CXMT's growth driven by China AI demand and localization.
Morgan Stanley says CXMT's higher growth reflects China AI server demand and localization-driven capacity expansion. The bank expects continued expansion even if DRAM prices soften. Bull case includes US customers and a 3D DRAM breakthrough by 2028. CXMT may use VCT technology to reach Gen5 without EUV.
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