Memory Stocks To Watch As China Expands AI Chip Supply Chains

China’s memory makers are stepping on the gas, YMTC and CXMT are gaining share, and global giants are adjusting plans as AI keeps pulling more chips into data centers. That tug of war can ripple straight into the suppliers of lithography tools, wafers, etch systems and specialty chemicals. This article explains how that story links to three stocks exposed to this news and why they might deserve a spot on your watchlist.

The three stocks below are just a starting sample. The full screen surfaced 47 more companies with equally compelling narratives that are not covered here but are part of the same memory equipment and materials story.

To identify and analyze those additional opportunities directly, head straight into the Global Memory Equipment and Materials Suppliers screener.

ACM Research (Shanghai) (SHSE:688082)

Overview: ACM Research (Shanghai) designs and sells semiconductor production equipment in China, including cleaning, plating, furnace, PECVD, track and polishing systems used in manufacturing and packaging of integrated circuits and compound semiconductors. Its tools sit inside wafer fabs, serving memory and logic customers as well as wafer manufacturers, and it operates as a subsidiary of ACM Research, Inc.

Operations: ACM Research (Shanghai) generates all of its disclosed revenue of about CN¥7.2b from semiconductor equipment and services.

Market Cap: CN¥151.4b

ACM Research (Shanghai) sits right in the slipstream of YMTC and CXMT’s capacity build out, since it supplies the wet cleaning, etch and related tools those memory fabs need as they add NAND and DRAM lines. Management highlights growing demand from both memory and logic customers and a broader product set beyond cleaning and copper plating. However, the stock comes with a high P/E multiple, heavy reliance on non cash earnings and some governance questions, so expectations are already demanding. For investors seeking a way to gain exposure to China’s push for domestic wafer fab equipment through a company with technology that global chipmakers are also evaluating, this may be a company to research in more detail.

ACM Research (Shanghai) sits at the crossroads of China’s wafer fab push and a lofty P/E that many investors only half understand. For a more complete view, see the 3 key rewards and 2 important warning signs (2 are major!)

Build your own memory equipment shortlist

ACM Research (Shanghai) and the other two stocks here all came from a single screener, but the real value is in creating filters that match how you invest. Use our flexible Screener to combine metrics like valuation, growth, balance sheet strength and risks, or start with any of our curated Investing Ideas.

NAURA Technology Group (SZSE:002371)

Overview: NAURA Technology Group is a Beijing based supplier of semiconductor equipment and precision components, providing etch, deposition, cleaning and other front end tools used in integrated circuit and memory fabs, along with vacuum equipment and electronic components that serve new energy, power electronics and industrial applications.

Market Cap: CN¥551.5b

NAURA Technology Group is positioned at the center of China’s efforts to build its own chipmaking capacity, so growing investment at YMTC, CXMT and other memory fabs can directly support demand for its equipment. Forecast earnings and revenue growth ahead of the broader China market are noted by analysts, who also describe its earnings as high quality, even as margins have eased from 18.8% to 13.4%. The main trade-offs are a rich valuation and heavier funding risk because all liabilities currently come from external borrowing. With an important shareholder meeting on August 17, 2026 and first half results on August 26, 2026, investors have a near term window to see how NAURA manages growth, returns and balance sheet discipline before deciding how it fits on a watchlist.

NAURA Technology Group’s growth story is accelerating, while a rich valuation raises questions that many investors only half ask. Get the full context in the analyst forecasts for NAURA Technology Group and see what could change that balance next.

Soulbrain (KOSDAQ:A357780)

Overview: Soulbrain develops and supplies key materials that sit at the heart of high tech manufacturing, from semiconductor chemicals like etchants, cleaning agents and CMP slurries used in memory fabs, to materials for LCD and OLED panels, LEDs, solar cells, electric vehicles and lithium ion batteries. Its portfolio of specialty chemicals and electronic materials ties Soulbrain directly into multiple growth themes across chips, displays and energy storage.

Market Cap: ₩2.5t

Soulbrain gives you exposure to the chemical building blocks that memory makers and EV battery suppliers rely on, at a time when Chinese players like YMTC and CXMT are investing to grow share and SK hynix is restarting NAND spending in Dalian to serve AI demand. Analysts expect strong earnings and revenue growth ahead, yet the stock trades well below one estimate of fair value. This suggests the market is still wrestling with its high P/E, thinner margins and choppy past earnings. A fresh buyback authorization through early 2027 adds another consideration for investors weighing whether current sentiment is underpricing a potentially improving story.

Soulbrain’s high P/E and choppy past earnings could be masking a very different story, as AI, memory and EV demand continue to draw on its materials portfolio. Get the full picture in the analyst forecasts for Soulbrain

Seeking Fresh Alternatives Beyond Memory?

New themes can move fast. While attention sits on ACM Research (Shanghai), NAURA Technology Group and Soulbrain, other ideas may already be breaking out under the radar for now, so it can help to get in early.

• Spot quieter uptrends before they start flying by scanning a curated set of 299 resilient stocks with low risk scores that balance growth potential with steadier risk profiles.
• Ride structural themes with cash flow backing them by focusing on a hand picked 253 high quality undervalued stocks that combine quality businesses with more modest expectations.
• Get ahead of the next infrastructure leg in AI by zeroing in on carefully filtered 55 AI infrastructure stocks that support the picks and shovels behind data center build outs.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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