Greater China Semiconductors: Apple’s Reported Interest in CXMT Memory a Strong Validation of the Company’s Technological Progress

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Greater China Semiconductors: Apple’s Reported Interest in CXMT Memory a Strong Validation of the Company’s Technological Progress

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28 Jun 2026 18:04:48 ET │ 15 pages

Greater China Semiconductors

Apple’s Reported Interest in CXMT Memory a Strong Validation of the

Company’s Technological Progress

Kevin Chen AC

CITI'S TAKE +852-2501-2125

FT reported over the weekend that Apple is seeking U.S. government kevin.y.chen@citi.com

approval to source memory from CXMT, a leading Chinese DRAM maker Kyna Wongcurrently included on the Pentagon 1260H Chinese Military Company List.

While the approval outcome remains uncertain, Apple’s consideration +852-2868-7820

already provides a strong endorsement of CXMT’s technological progress, in kyna.wong@citi.com

our view. Such validation shifts CXMT from a ‘China domestic substitution Karen Huang

story’ towards a ‘credible global No.4 DRAM maker’. We expect the news to +852-2501-2755be positive for CXMT and its supply chain, including the equipment vendors

and OSAT providers. Within our coverage we prefer ASMPT and JCET. karen.xw.huang@citi.com

Yiming Li, CFA

Apple reportedly seeking approval to buy memory from CXMT — News reported +852-2501-2857

Apple is lobbying the Trump administration for approval to buy DRAM from CXMT yiming.li@citi.com

(Financial Times, Jun 27th) amid surging memory costs. CXMT is currently on the

Pentagon’s 1260H Chinese Military Company List. While 1260H does not bar U.S.

companies from purchasing CXMT DRAM, Apple is seeking policy comfort as CXMT

may later be subject to tighter restrictions, such as the BIS Entity List.

Apple’s ‘stamp of approval’ positive for CXMT/supply chain — We believe securing

approval to procure CMXT memory could prove challenging given the current U.S.

political climate.