CXMT-The Second Fab, Memory- the Sold-Out Year, and the Open-Source Head-Fake

BluBird Capital, August 4, 2026

A batch of memory headlines landed this week that are being read as reasons to sell, and nearly all of them are being read wrong. CXMT is reportedly lining up a second DRAM fab. HP, Asus, and Acer are said to have begun using CXMT chips. Reports confirm the big three have sold out all of 2027. And the open-source model wave Kimi K3 and the Chinese budget models is back in the -why would anyone keep buying chips- conversation. My MarketWatch interview on Kimi K3 -https://www.morningstar.com/news/marketwatch/20260720333/why-cheap-chinese-ai-models-could-actually-be-a-boon-for-nvidia-micron-and-other-chip-stocks

None of this touches the HBM franchise, and the one that looks most bearish (a sold-out year) is actually in my opinion bullish given the facts detailed below.