Taiwan's memory chip stocks took a beating as investors started pricing in more Chinese competition — bad for memory shareholders, though the business itself is still booming.

• Nanya Technology, Winbond and Macronix all fell more than 6%, with over ten memory-related stocks dropping together.
• China's CXMT said it cracked a new DRAM design that packs more memory into the same wafer space, with server memory chips due by year-end.
• Investors now worry that Chinese capacity plus new Korean plants could flood the market with memory in 2027 and 2028, pushing prices down.
• The actual numbers are still excellent — Nanya's quarterly sales jumped 62% with fat margins, and it says DRAM is still badly short — but stock prices reflect the future, not last quarter.
• Goldman Sachs noted even Samsung's huge profit jump failed to lift memory stocks, a sign expectations were already sky-high.

Outlook: Upcoming results and guidance from TSMC, ASML and the memory makers on 2027–2028 supply will decide whether this is a dip or the start of a longer slide.