blockbuster

Published on
27/07/2026 – 9:03 GMT+2

CXMT’s shares surged 472% in their market debut and were trading up 462% by early afternoon in Asia, making it the most valuable company listed on a mainland Chinese exchange, with a market capitalisation of about 3.3 trillion yuan (approximately €415 billion). Even so, its market capitalisation remains below that of South Korean and US memory chipmakers Samsung Electronics, SK Hynix and Micron Technology.

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CXMT is among a growing number of chipmakers that have benefited enormously from the artificial intelligence boom. The company has also prospered as China pushes for greater self-sufficiency in advanced technologies while grappling with restricted access to cutting-edge chipmaking equipment under US-led export controls.

The company raised at least $8.6 billion (approximately €7.3 billion) in the offering, which was priced at 8.66 yuan (about €1.10) a share, in its listing on the Shanghai Stock Exchange’s Nasdaq-like STAR Market, also known as the Science and Technology Innovation Board.

It was mainland China’s second-largest initial public offering after Agricultural Bank of China’s 2010 dual listing in Shanghai and Hong Kong, which raised $22.1 billion (approximately €18.8 billion).

Founded in 2016 in the eastern city of Hefei, CXMT is one of the world’s largest makers of DRAM, or “dynamic random access” memory chips, a kind of semiconductor used in everything from AI servers to autos and consumer electronics like smartphones and personal computers.

“CXMT plays a critical role in China’s AI push, particularly in the face of US export controls,” Kyle Chan, a fellow at the Brookings Institution and an expert in China’s technology policies, said. US restrictions have also barred China from importing powerful HBM, or high-bandwidth memory chips – a type of DRAM chip.

The company’s revenue surged to 50.8 billion yuan (approximately €6.4 billion) in the first three months of 2026, up more than 700% year on year as booming demand driven by the rapid adoption of artificial intelligence fuelled growth.

Soaring use of AI has led to a global memory chip shortage, driving up prices for some computers and smartphones. One big question, Chan said, is whether CXMT could help with the broader shortage.

CXMT is seen as China’s best shot at developing its own cutting-edge HBM chips to power Chinese AI models, Chan said. But it also faces many challenges, including supply chain bottlenecks in scaling up manufacturing capacity, since its access to the world’s most best chipmaking tools is highly restricted, forcing it to depend on Chinese equipment makers.

According to Counterpoint Research, a technology research firm, CXMT was the world’s fourth biggest DRAM memory chipmaker in 2025 by shipments, taking up roughly 8% of the global market. Samsung Electronics accounted for 36%, SK Hynix 29% and Micron about 24%.

In the first three months of this year CXMT accounted for approximately 9% of global shipments. By 2028, its market share is forecast by Counterpoint Research to reach about 11%. But the research firm estimated CXMT will likely need at least a 15% global market share to be competitive in the long term.

“Trade restrictions on tools are remaining as the key challenge for CXMT,” MS Hwang, a research director at Counterpoint who specialises in memory semiconductors, said. Some US lawmakers have also recently called for President Donald Trump’s administration to block American companies from buying CXMT’s memory chips over national and economic security concerns.

CXMT, among many other Chinese companies, has been designated by the Pentagon as having links to the Chinese military. Beijing has rejected such designations in most cases.

CXMT’s public share offering followed South Korean chipmaker SK Hynix’s $26.5 billion (approximately €22.5 billion) Nasdaq listing earlier this month.

Additional sources • AP

In the aftermath of such a chaotic night, it is easy to focus only on the flaws and forget the bigger picture. Joshua was returning from one of the darkest periods of his life and carrying an immense emotional burden into the ring.

After his hand was raised, he struggled to get through his interview. His voice cracked as he spoke about his two friends and the impact their loss has had on him.

“Boxing once saved him and he needed boxing to get through this. That camp allowed him to focus his mind while he was in so much grief and pain,” promoter Eddie Hearn said.

“You don’t know what he was going through in that camp because he doesn’t talk about it.”

Whatever happens next, his place in British boxing history is already secure. He is an Olympic gold medallist, a two-time heavyweight champion and one of the biggest sporting stars this country has produced.

He has taken boxing to places few British fighters ever have. He has filled stadiums, headlined global events and become a household name far beyond the sport.

But in the build-up to his comeback, Joshua and his stablemate Oleksandr Usyk spoke about the ambition of becoming undisputed heavyweight champion.

After Saturday night in Saudi, the reality is that even reclaiming a world title would be a tough ask.

Joshua has always spoken about legacy, and there would be something fitting about walking away after overcoming one of the toughest periods of his life and producing a dramatic comeback victory.

The danger with ageing fighters is chasing one more night. Boxing history is filled with champions who stayed that one fight too long.

But then again Fury-Joshua is not one more fight. It is the fight. The one that has loomed over their careers for the best part of a decade.

The Rams, as is seemingly their custom with a Super Bowl scheduled to be played at SoFi Stadium, made blockbuster trades to improve an already star-studded roster.

Players will report to training camp Saturday at Loyola Marymount as favorites to win Super Bowl LXI in their home stadium in February.

And that does not factor in eight-time All-Pro defensive lineman Aaron Donald’s possible return from retirement.

Much, however, can go awry on the way to the NFL’s biggest showcase.

Injuries, subpar performances by Rams players and coaches, and outstanding clutch play by opponents — see the 2025 Super Bowl-champion Seattle Seahawks — could derail the Rams’ presumptive date with destiny.

On Sunday, they will hold the first of 11 training-camp practices before preseason games against the Kansas City Chiefs, New Orleans Saints and the Chargers.

Here are six things to watch in training camp:

Quarterback Matthew Stafford’s workload

Rams quarterback Matthew Stafford speaks with coach Sean McVay during an organized team activities workout in May.

(Kevin Terrell / Getty Images)

In 2025, because of a back issue, Matthew Stafford did not take a single training-camp snap.

The lack of on-field preparation did not appear to adversely affect him: Stafford eventually tested his fitness after training camp ended — and he went on to win the league’s most valuable player award for the first time.

So the Rams learned from the experience. Preseason inactivity is not necessarily a bad thing for a 17-year veteran who has thrown more than 9,000 passes in regular-season and playoff games and thousands more in practices.

McVay is expected to limit the 38-year-old Stafford’s participation in full-team drills.

Without the luxury of veteran Jimmy Garoppolo running the offense, rookie Ty Simpson, the 13th pick of the NFL draft, and fourth-year pro Stetson Bennett will get plenty of snaps with the starters and with backups during preseason games.

The Myles Garrett effect

Rams defensive end Myles Garrett, left, speaks during a news conference while sitting next to coach Sean McVay on June 2.

(Ric Tapia / For The Times)

The Rams in June made the biggest and boldest move of the offseason when they traded for defensive end Myles Garrett, a two-time NFL defensive player of the year who amassed an NFL record 23 sacks last season for the Cleveland Browns.

Garrett joins a front that includes outside linebacker Byron Young and interior linemen Kobie Turner, Braden Fiske, Poona Ford and ….

Donald?

The Rams, at least publicly, are still waiting on a decision from the three-time NFL defensive player of the year who retired after the 2023 season. If Donald does not make his plans known before report day, it will not stop speculation about a return before or during the season.

Who will be the third receiver?

Rams wide receiver Xavier Smith catches a pass in practice in May.

(Jayne Kamin-Oncea / Associated Press)

Puka Nacua spent part of the offseason in rehab and is the defendant in a civil lawsuit. During organized-team activities, he appeared fit and sounded determined to build on an All-Pro resume that could eventually earn him a record-setting contract.

After discussing trading Davante Adams for A.J. Brown, McVay and general manager Les Snead ultimately chose to stick with the 13th-year pro and future Hall of Famer, who last season led the NFL with 14 touchdown catches.

During the draft, the Rams passed on the opportunity to select former USC receiver Makai Lemon and opted instead to pick Simpson, Stafford’s heir apparent.

With much-loved but seldom-used Tutu Atwell now playing for the Miami Dolphins, Xavier Smith, Jordan Whittington, Konata Mumpfield and rookie CJ Daniels will compete for the opportunity to be a third receiver.

Secondary as primary strength

Rams cornerback Trent McDuffie participates in drills during practice in May.

(Jayne Kamin-Oncea / Associated Press)

The Rams upgraded their most obvious weakness by trading for All-Pro cornerback Trent McDuffie and signing cornerback Jaylen Watson.

Both played in three Super Bowls for the Kansas City Chiefs, winning two.

They join safeties Quentin Lake and Kam Curl — both of whom received extensions — to give the Rams one of the strongest units in the league.

Cornerback Emmanuel Forbes Jr. and safeties Kamren Kinchens and Jaylen McCollough provide depth and experience.

Jimmy Lake replaced Aubrey Pleasant as defensive backs coach.

Offensive line depth

Rams guard Steve Avila, right, blocks defensive tackle Poona Ford in practice in May.

(Jayne Kamin-Oncea / Associated Press)

Left tackle Alaric Jackson will not face criminal charges for a domestic incident that resulted in his arrest in June. But the NFL could still suspend Jackson, who in 2024 was forced to sit out two games for violating the league’s personal-conduct policy.

Warren McClendon Jr., the starting right tackle, has experience playing on the left side. Rookie Keagan Trost and veteran David Quessenberry could compete to back up Jackson.

McClendon, guards Kevin Dotson and Steve Avila and center Coleman Shelton are in the final year of their contracts. Jackson is signed through 2027, though his salary is not guaranteed, according to Overthecap.com.

Special teams

Bubba Ventrone will be tasked with helping the Rams turn around their special teams unit in 2026.

(Brevin Townsell / Los Angeles Rams via the Associated Press)

Last season, the Rams lost several games that featured major special teams breakdowns.

McVay hired coordinator Bubba Ventrone to make sure it does not happen again.

After replacing Joshua Karty, Harrison Mevis established himself as a reliable and clutch kicker in the second half of the season and the playoffs.

Punter Ethan Evans is in his fourth season with the Rams, veteran snapper Joe Cardona is in his first.

MIAMI — Giannis Antetokounmpo wants more championships. So do the Miami Heat.

And the Heat finally have another superstar.

Ending a marathon watch for the next great Miami get, the Heat landed Antetokounmpo — a two-time NBA MVP and 10-time All-Star — from the Milwaukee Bucks on Monday night in exchange for a massive haul of players and draft picks.

The terms, according to a person who spoke to the Associated Press on condition of anonymity because the move has yet to receive the required league approval: Antetokounmpo and Bobby Portis are heading to Miami for Wisconsin native Tyler Herro, Jaime Jaquez Jr., Kel’el Ware and Kasparas Jakucionis. Milwaukee also gets at least four picks, including the No. 13 selection that will be made in Tuesday night’s NBA draft.

It ends a wild back-and-forth in the final days of the saga, with the Bucks considering offers from both Miami and Boston for Antetokounmpo — who led Milwaukee to the 2021 NBA title, was on the NBA’s 75th anniversary list of its greatest players ever, is a nine-time All-NBA selection and is coming off an injury-shortened season where he averaged 27.6 points per game.

There has been no secret that this is what Miami has sought, because this is what Miami usually seeks. The Heat pulled off similar moves by landing Shaquille O’Neal in 2004 (helping lead to the 2006 NBA title) and by getting LeBron James and Chris Bosh to play alongside Dwyane Wade in 2010 (leading to four NBA Finals runs in four seasons together, along with the 2012 and 2013 NBA titles).

Now, it’s Antetokounmpo’s turn. At 31, the Heat clearly believe he still has many good years left — and it’s generally presumed that by making this deal they’ll give the Greek superstar a massive extension later this year.

He was a perennial MVP candidate in Milwaukee, getting votes for that award in nine consecutive seasons before 2025-26, when too many missed games left him ineligible.

He has averaged 24.1 points and 9.9 rebounds per game in his career, with 10 consecutive seasons of averaging at least 22.9 points — with three years in there of averaging more than 30 points per game.

Only seven current players have more points in their careers than Antetokounmpo, who has totaled 21,531 to this point.

Antetokounmpo had been mentioned in trade talks countless times in recent years, with the Bucks always insisting — with words and actions — that they had no interest in trading their best player and one of the best players in the history of their franchise.

But this time, it seemed different.

The Bucks, who fired Doc Rivers as coach after the season, don’t have a roster that would be considered a championship contender. By trading Antetokounmpo, they can essentially start over with four players (and the Heat were high on all of them) along with draft capital.

“I just think before the draft is a natural time, right, because if Giannis does play somewhere else we’re going to get a lot of assets. … You’ve got to get it right,” Bucks co-owner Jimmy Haslam said in May, when the team introduced new coach Taylor Jenkins — who was told that Antetokounmpo may or may not be with the franchise when next season starts.

Jenkins and the rest of the NBA now has the answer: Antetokounmpo won’t be there.

Antetokounmpo had spoken highly of Miami many times over the years, even when the Heat and Bucks were going head-to-head in the playoffs. He also shares an agent with Heat star center Bam Adebayo, who was the only player that Miami clearly was not willing to part with in order to make this deal happen.

“They’re going to play tough and they’re not going to stop playing,” Antetokounmpo said after Milwaukee played Miami on March 12. “That’s the Miami Heat culture.”

Little did anyone know that night that those words were coming after what would be the next-to-last game for Antetokounmpo in a Bucks uniform. He played three nights later against Indiana, then was held out of Milwaukee’s final 15 games of the season.

The Bucks said that was for injury-related reasons. Antetokounmpo said he wanted to play.

He had some bouts with injury this past season: Antetokounmpo missed four games in late November with a left adductor strain and sat out eight games in December with a right calf strain, then he injured the right calf again in January.

He landed awkwardly on a dunk in that March 15 victory over Indiana and didn’t play again because of what team officials had labeled as a left knee hyperextension and bone bruise. Antetokounmpo said the last few weeks of the season that he was healthy and wanted to play, a dispute that resulted in an investigation by the league office.

Reynolds writes for the Associated Press.

As if anyone needed a reminder, the Rams know how to go all-in.

On Monday, the already Super Bowl-ready Rams pulled off another massive deal, acquiring defensive end Myles Garrett — the league’s defensive player of the year — in a trade with the Cleveland Browns for edge rusher Jared Verse, a 2027 first-round draft pick, a 2028 second-round pick and a 2029 third-rounder.

Garrett, 30, is a nine-year veteran, five-time All-Pro and two-time defensive player of the year. Last season, he amassed a league-high 23 sacks, increasing his career total to 125.5.

Garrett is scheduled to earn $31.5 million this season, according to Overthecap.com.

Verse, 25, was the 19th player chosen in the 2024 draft. He was the NFL defensive rookie of the year and last season had 7½ sacks for a Rams team that advanced to the NFC championship before losing to the eventual Super Bowl-champion Seattle Seahawks.

Verse is scheduled to carry a salary-cap number of $4.1 million this season, according to Overthecap, but is presumably in line for a massive contract extension.

Rams linebacker Jared Verse (8) celebrates after a defensive stand against the Colts in September.

(Robert Gauthier / Los Angeles Times)

The Garrett trade is the second major offseason deal for the Rams. In March, they traded for All-Pro cornerback Trent McDuffie, and then signed him to an extension that makes him the highest paid player at his position in NFL history.

The Rams are a favorite to play in Super Bowl LXI, which will be played at SoFi Stadium.

The move bolsters an already formidable Rams pass rushing unit that has played a integral part in the Rams being among the favorites to win the Super Bowl at SoFi Stadium in February. During the 2021 season, the Rams traded for pass rusher Von Miller en route to winning the Super Bowl at home.

This is a developing story. The Times will have more soon on the Rams acquiring Garrett.