How Chinese Manufacturers Are Reshaping the Global Memory Landscape? Morgan Stanley: Volume Equals Pricing Power, 2028 Will Be a Key Watershed

ChangXin Technology is moving from local substitution toward the global memory market. Morgan Stanley expects its production capacity to rise from 180,000 wafers per month in 2025 to 500,000 wafers per month in 2028, at which point its scale is likely to reach a critical threshold capable of influencing global DRAM supply-demand dynamics and pricing. Morgan Stanley believes 2028 could become a key watershed in the reshaping of the global memory landscape.