Analyst: CXMT Lags Two to Three Generations Behind SK Hynix and Other Big Three
Claire Weston
Moomoo Research semiconductor head Rolf Bulk says CXMT's chip performance lags SK Hynix, Samsung, and Micron by roughly two to three generations, with no prospect of closing the gap soon.
Two to three generations behind — what does that actually mean?
Rolf Bulk, head of semiconductor and infrastructure equity research at Moomoo Research, told CNBC that CXMT's chip performance trails SK Hynix, Samsung, and Micron by about two to three generations.
This means → CXMT's current mass-production technology sits roughly where the big three were several years ago.
In plain terms = the leaders are already running the next lap; CXMT is still rounding the bend on the previous one.
What does this gap mean for the high-end memory market?
Bulk said the generational gap means CXMT poses no meaningful competitive threat to the high-end memory market for the foreseeable future.
This means → frontier product lines such as HBM — high-bandwidth memory, the premium chips needed for AI training — remain the exclusive domain of the big three for now.
SK Hynix, Samsung, and Micron will continue to hold their technological lead.
How long can the big three's moat last?
The core of Bulk's assessment: the leaders' advantage is not a one- or two-node gap but a systemic, generational lead.
This means → even with sustained investment, CXMT would need years, not quarters, to narrow the distance.
In plain terms = for investors, the "China substitution" narrative in memory chips remains confined to the low-to-mid end; the high-end landscape is unlikely to shift any time soon.
Content is for reference only, not financial advice.