The headquarters of ChangXin Memory Technologies (CXMT) is seen in Hefei, in China's eastern Anhui province on July 16, 2026. China's leading memory chipmaker is seeking to raise up to $9.8 billion in an initial public offering as the country counts on homegrown hardware to boost its position in the artificial intelligence race. (Photo by CN-STR / AFP via Getty Images) / China OUT

People walk past the headquarters of ChangXin Memory Technologies (CXMT) in Hefei, in China's eastern Anhui province on July 16, 2026. China's leading memory chipmaker is seeking to raise up to $9.8 billion in an initial public offering as the country counts on homegrown hardware to boost its position in the artificial intelligence race. (Photo by CN-STR / AFP via Getty Images) / China OUT

The headquarters of ChangXin Memory Technologies (CXMT) is seen in Hefei, in China's eastern Anhui province on July 16, 2026. China's leading memory chipmaker is seeking to raise up to $9.8 billion in an initial public offering as the country counts on homegrown hardware to boost its position in the artificial intelligence race. (Photo by CN-STR / AFP via Getty Images) / China OUT

Chairman and CEO of Taiwan Semiconductor Manufacturing Company (TSMC) CC Wei attends the 2026 second quarter earnings conference in Taipei on July 16, 2026. Taiwanese chipmaker TSMC reported on July 16, 2026 a record net profit for the second quarter, fuelled by massive demand for artificial intelligence hardware. (Photo by I-Hwa Cheng / AFP via Getty Images)

People attend the 2026 second quarter earnings conference of Taiwan Semiconductor Manufacturing Company (TSMC) in Taipei on July 16, 2026. Taiwanese chipmaker TSMC reported on July 16, 2026 a record net profit for the second quarter, fuelled by massive demand for artificial intelligence hardware. (Photo by I-Hwa Cheng / AFP via Getty Images)

(FILES) The logo of the Taiwan Semiconductor Manufacturing Company (TSMC) is seen at its 2-nanometer fabrication plant at Nanzih Technology Industrial Park in Kaohsiung on December 23, 2025. Taiwanese chipmaker TSMC reported on July 16, 2026 a record net profit for the second quarter, fuelled by massive demand for artificial intelligence hardware. (Photo by I-Hwa Cheng / AFP via Getty Images)

(FILES) The logo of Taiwan Semiconductor Manufacturing Comapny (TSMC) is seen at the Sheraton Hsinchu Hotel where the company held its annual shareholders' meeting in Hsinchu on June 3, 2025. Taiwanese chipmaker TSMC reported on July 16, 2026 a record net profit for the second quarter, fuelled by massive demand for artificial intelligence hardware. (Photo by I-Hwa Cheng / AFP via Getty Images)

(FILES) A sample of a semiconductor chip made by Taiwan Semiconductor Manufacturing Company (TSMC) is displayed at the Cybersec 2025 conference and expo in Taipei on April 15, 2025. Taiwanese chipmaker TSMC reported on July 16, 2026 a record net profit for the second quarter, fuelled by massive demand for artificial intelligence hardware. (Photo by I-HWA CHENG / AFP via Getty Images)