China's CXMT swings to nearly $20B profit as memory prices soar
Chinese memory chipmaker CXMT expects a net profit of 131-132.5 billion yuan ($19.6-19.8 billion) for January to September, compared with a 5.3 billion yuan loss a year earlier. Revenue climbed to 265-270 billion yuan as AI demand caused memory shortages. Its chairman also proposed a share buyback of up to 2 billion yuan.
