What happened in China CXMT, described by Digitimes as China's largest memory maker, is targeting mass production of 12-layer high-bandwidth memory by 2027. The company is also targeting HBM3 production by end of 2026, though volume production at competitive yield is more realistically a 2028-plus prospect. These are not the same milestone, and conflating them is the first mistake European investors tend to make when reading Chinese semiconductor headlines. The context matters enormously. The US government placed a series of export controls to limit China's access to advanced compute, and SemiAnalysis reported that Huawei was expected to be bottlenecked by HBM as recently as 2026. That bottleneck was real — training of DeepSeek's next-generation model was delayed by the use of Huawei chips. China's response to this constraint has not been to lobby for exemptions. It has been to build its way out. Meanwhile, China cut rare earth minerals…