存储芯片，太疯狂了

Core Viewpoint - The memory and foundry industries are expected to reach record high revenues by 2026, driven by the AI wave, with memory industry revenue projected to expand significantly to $551.6 billion, more than double that of the foundry industry, which is expected to reach $218.7 billion [3][4]. Group 1: Memory Industry Insights - The memory industry is experiencing a supply shortage and price surge, leading to substantial revenue growth [3][4]. - The last memory supercycle occurred between 2017-2019, driven by demand from cloud data centers, with a significant revenue gap between memory and foundry sectors [3][4]. - The current cycle, driven by AI demand, has a more comprehensive shortage compared to the previous one, with increased demand for high-capacity, high-bandwidth DRAM [3][4]. Group 2: Foundry Industry Insights - Although the foundry industry benefits from strong orders for AI chips, its revenue growth is slower compared to the memory sector due to industry structure and pricing mechanisms [4][5]. - The foundry market is characterized by a high degree of oligopoly and significant capital expenditure, limiting capacity expansion despite high prices [4][5]. - Mature processes account for approximately 70%-80% of foundry capacity, while advanced processes only make up about 20%-30%, affecting overall revenue contributions [4][5]. Group 3: Market Dynamics - The demand shift from end customers to cloud service providers (CSPs) has led to exponential growth in procurement volumes, with CSPs being less sensitive to price changes [4][5]. - Memory manufacturers have strong pricing power due to supply-demand imbalances, with average selling prices (ASP) expected to continue rising [5].