ACM Research

Chipmakers rinse each silicon wafer many times during production, and ACM Research builds the machines that do it. Its core product is single-wafer wet-cleaning equipment, which strips away particles and residue between manufacturing steps to lift the share of good chips per wafer. The company has broadened into related tools for plating, furnace and packaging steps. Founded in 1998 and headquartered in Fremont, California, ACM does most of its manufacturing and sells overwhelmingly through its Shanghai-based subsidiary into China's fast-growing chip industry. That concentration is the whole story for the stock: ACM has ridden China's drive to build domestic semiconductor capacity, but the same exposure leaves it squarely in the path of US export controls and the trade fight over advanced chip technology. Its listed shares also sit above a separately traded Shanghai unit, adding a layer to how investors value it.

On MyRWA, ACMR trades tokenized across 1 on-chain venue - see the listings below.