Why this little known Chinese chipmaker has caused a global stock rout

Chinese chipmaker ChangXin Memory Technologies (CXMT) announced progress on new memory architecture boosting data density, triggering a global tech stock selloff. CXMT, a recent high-profile IPO on Shanghai's STAR Market, challenges leaders like Micron, SK Hynix, and Samsung despite US export restrictions. The company aims to launch a new high-density server-memory product by end of 2026, intensifying competition in advanced memory technology.