Tech stocks plummeted on Tuesday after a Chinese memory chipmaker said it had made significant progress in developing new and more efficient designs. ChangXin Memory Technologies, or CXMT , announced over the weekend it had made headway on new architecture which will increase memory density by packing more data into a smaller space. The announcement spooked the market because CXMT is China's leading rival to global memory makers including Micron , SK Hynix and Samsung. And, until a recent blockbuster IPO , it was little known outside of its home market. Micron was down 3.7% in premarket trading, while SK Hynix's South Korean-listed shares closed 10% lower and Samsung Electronics fell 7.4%.
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