JP MORGAN ON GOLD: BASE CASE STILL TARGETS GOLD TOWARD $6,000/OZ BY YEAR-END AS DEMAND RE-ACCELERATES IN 2H26

ChangXin Memory Technologies (CXMT) reported a more than 700% year-on-year jump in first-quarter revenue to 50.8 billion yuan ($7.5 billion), with profit exceeding 20 billion yuan after a loss in the same period last year, according to its IPO prospectus. The Chinese memory chipmaker forecast strong first-half earnings growth, including net income rising more than 2,200%, driven by soaring DRAM prices amid global AI data center demand. Memory shortages have pushed DRAM prices sharply higher, with further increases expected, according to industry estimates. CXMT, which supplies major tech firms including Alibaba, Tencent and ByteDance, plans to raise 29.5 billion yuan in what could be China’s largest IPO this year on Shanghai’s STAR Board, supported by R&D spending exceeding 9 billion yuan in 2025.

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