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Core Viewpoint - The semiconductor industry is entering its first "super cycle" in seven years, driven by rising DRAM demand and supply constraints, particularly influenced by the AI boom and changes in supplier dynamics [1][2]. Group 1: Market Dynamics - Global DRAM suppliers' average inventory has dropped to a historical low of 3.3 weeks, similar to the 3-4 weeks average during the last semiconductor super cycle in 2018 [1]. - Despite DRAM buyers maintaining an average inventory of about 10 weeks, market demand remains strong, indicating a tightening supply situation [1]. Group 2: AI Influence - The surge in demand for HBM (High Bandwidth Memory) is primarily driven by the AI boom, as the value of accelerators used for AI training and inference has increased significantly [2]. - Major semiconductor companies like Samsung have shifted some DRAM production lines to HBM, resulting in a decrease in overall DRAM output [2]. Group 3: Pricing Trends - Prices for DRAM products are on the rise, with the price of "DDR4 8Gb" reaching $6.350 and "DDR5 16G" increasing over 40% since the beginning of the year, now priced at $7.535 [3]. - Samsung and SK Hynix are expected to further increase DRAM prices, reflecting ongoing supply shortages [3]. Group 4: Future Outlook - Morgan Stanley predicts that the peak of this semiconductor cycle will occur in 2027, with a prosperous period lasting over a year [3]. - Analysts expect Samsung to be the biggest beneficiary of the semiconductor cycle due to its capacity expansion in HBM, DRAM, and NAND sectors [3].