Citi: Concerns Over China’s CXMT Disrupting Global DRAM Supply Are Overdone; Limited Impact Expected Before 2028 ? • CXMT’s planned 4F² DRAM architecture could increase memory density by ~30% versus current 6F² designs. • Citi sees mass production as unlikely before 2028, with CXMT’s legacy manufacturing technology four generations behind industry leaders. • Limited EUV access and potentially 10–20% higher manufacturing costs could constrain competitiveness and global supply impact. 15-OCT-2026 05:25 AM ET