野村 - 全球存储芯片：前所未有的超级周期-Nomura-Global memory：Unprecedented super_cycle
2025-10-09 02:00
Global memory Global Markets Research EQUITY: MEMORY Unprecedented super-cycle DRAM, HBM, and NAND triple super-cycle in 2026F US Big Tech's investments in both AI and conventional servers to boost 2026F memory demand; commodity DRAM/NAND OPM to reach historical high in 2026F There had been market concerns that competition among DRAM players in the HBM market would intensify from 2026, as Samsung (005930 KS, Buy) is likely to come back to Nvidia's (NVDA US, Not rated) HBM market in 2026. On the flip side, t ...