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 ...

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 OPM for commodity DRAM, currently at 40-50%, appears capable of recovering to levels approaching its previous peak of 70% (in 2017) by 2026F. We expect NAND operating margins, currently at break-even levels, to enter a boom phase, with ...