Implications of CXMT's recent progress on 4F2

Nomura's Quick Note on Asia Semiconductors & Technology discusses CXMT's recent progress on its next-generation 4F² DRAM cell architecture. At the 4th Integrated Chips and Chiplets Conference in Shanghai, CXMT disclosed it expects to launch a DDR5 RDIMM incorporating 4F² architecture plus wafer-level hybrid bonding by year-end, centered on the VSF (Vertical Surrounded Gate) transistor. Nomura estimates the actual cell-per-wafer increment at ~40% (lower than the implied 50% but above the ~30% of a one-generation migration);