Chinese chipmaker CXMT's memory design news sparks global chip stock selloff

ChangXin Memory Technologies (CXMT) said it made progress on a new memory architecture that packs more data into less space, and tech stocks fell on Tuesday. Micron fell 3.7% in premarket trading, SK Hynix closed 10% lower and Samsung Electronics fell 7.4%. The source says CXMT's share of global DRAM rose to about 10% from about 4% a year earlier, per an HSBC note.