CXMT shares drop 6.5% as US chip selloff hits Asia despite profit forecast

ChangXin Memory Technologies shares fell up to 6.5% on Monday as the US chip selloff extended to Asia, despite the company forecasting a profit turnaround for the first nine months of 2026. The firm expects net profit of at least 131 billion yuan, contrasting with a loss a year earlier, but investors sold amid concerns over debt-funded AI spending and expectations of faster interest-rate hikes. DeepSeek's latest model added pressure by raising doubts about memory chip demand.