On October 12, a report said China's CXMT is developing a new generation of memory chip, sending Micron to a three-week low. Coverage has since identified the rival as Shangshin, a Shanghai-based company with a market cap of about $500 billion, and says the design is due before year-end. CXMT described moving from 6F squared to 4F squared to pack more memory into smaller spaces, and took 9.5% of global RAM memory revenue last quarter, up from 7.2% the quarter before. The chip's specs remain unreported, and it is not yet established how directly it would compete with US memory makers.