Global memorv EQUITY: MEMORY Upside potential remains solid into 2027F, thanks to Al Commodity DRAM/NAND: strong 1H25F and weak 4Q25F – shipment and ASP growth in 2Q25F likely higher than expected due to pull-in demand in anticipation of a tariff hike For 2Q25, we had pencilled in 10-20% q-q growth in both DRAM and NAND shipments. However, we now believe that actual shipment growth could turn out to be higher than our previous expectation ([company guidance] DRAM: SEC and Hynix 10-12% q-q; NAND: SEC 15% q-q ...