Greater China Semiconductors | Asia Pacific M Idea Old memory: keeps surprising to the upside We believe the pricing power of DDR4, MLC NAND, and NOR is getting even stronger into 2026. We reiterate our bullish view on all our covered old memory stocks. Top Pick Winbond. Key Takeaways December 4, 2025 08:00 PM GMT Not the time to take profits: Starting from late 2Q, we had expected that old memory undersupply would drive a super-cycle (link). We also built our own DDR4, SLC, MLC, and NOR Flash model (link). ...