The Globe and Mail reports in its Tuesday, July 28, edition that shares of CXMT soared 466 per cent on their Shanghai trading debut on Monday following Asia's biggest initial public offering this year, catapulting the chipmaker to the top of China's stock market by valuation despite a recent sell-off in global tech stocks. A Reuters dispatch to The Globe reports that CXMT has emerged as a key pillar of Beijing's drive to build a self-sufficient chip industry and close the gap in strategic technologies such as artificial intelligence. Monday's rally lifted CXMT's market capitalization to $688.67-billion (U.S.). The strong debut provides a gauge of how much investors are willing to pay for a marquee Chinese chip firm, as local markets navigate volatility following an AI-led sell-off. CXMT's astronomical rally, which values it at nearly half of U.S. rival Micron Technology, has also sparked concerns of a bubble. Its expanding dominance in China has enabled it to raise prices for tech customers such as Huawei. "The [CXMT] stock is too expensive and smells of speculation," said Yuan Yuwei, hedge fund manager at Trinity Synergy Investments, adding that "it's hard to say the optimism is sustainable."