China’s increasing clout in the global semiconductor supply chain is accelerating the unravelling of the artificial-intelligence trade, as expectations grow that the Asian nation will challenge foreign tech juggernauts by supplying the world with cheaper alternative products. The US$9.8 billion stock offering of ChangXin Memory Technologies (CXMT) in Shanghai provided the Chinese maker of dynamic random access memory (DRAM) chips with equity funding to finance its expansion of market share home...