CXMT Market Cap Surpasses Intel: Rewriting the Logic of Tech Valuation

A DRAM manufacturer's market cap surpassed Intel and Tencent in just one trading day. Is this an extreme outburst of market sentiment, or a fundamental restructuring of the tech valuation system? As someone who has long been engaged in computer vision algorithm research, I'm used to examining phenomena like these using the "control variable method" from experimental design. When we strip away the emotional premium of "domestic substitution," what remains? It's ChangXin Memory Technologies' (CXMT) technical accumulation in the DRAM field, and the rigid demand for storage bandwidth in the AI era. This question is worth exploring from two dimensions: technical principles and industrial ecosystem.