SITUATION EXPLAINED: China is now one generation behind on the memory that bottlenecks every AI chip. • China's leading memory maker has begun small-batch production of HBM3E, the memory used in Nvidia's H200 and Blackwell GPUs, one generation behind the current HBM4 standard • Alibaba's T-Head unit and Cambricon are testing it with their processors and could ship products using it as early as next year • It's ahead of CXMT's own timeline. As recently as July, analysts had it targeting HBM3 by…