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Stock Focus: Will Memory Go the Way of Solar? (Part Three)

Mitesh Patel · Oct 31, 2026 · 11 min read

The memory makers have now reported their first quarter since China's CXMT announced a new chip design. Part three checks, company by company, whether the evidence has moved since parts one and two.

The Question in Brief

This Stock Focus asks one question: if China scales up memory chips the way it scaled up solar panels and batteries, what happens to the companies that make them, equip them and buy them? Part one set out the industry and the precedents. Part two, published on October 15, took the companies one at a time and called itself the final part. This third part returns because the companies have since reported a new quarter, the first full set of results since Chinese memory maker CXMT announced progress on a new chip design on October 10.

Between October 21 and October 30, SK hynix, Samsung, Kioxia, SanDisk and Western Digital reported, as did the equipment makers Lam Research and KLA. CXMT, now listed in Shanghai, published its own third-quarter report on October 31. Micron has not reported since part two; its next results are expected in late December. Applied Materials reports on November 12 and is covered separately in an earnings recap on November 13. The newest industry figures still date from the second quarter: Counterpoint Research put CXMT at 10% of DRAM revenue and YMTC at 14% of NAND flash revenue.

For information and education only; not investment advice. See the full disclaimer.

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