全球存储市场 - 2026 年关键考量及多空情景展望-Global Memory Market_ Key considerations heading into 2026 and picturing bull_bear case scenarios

J P M O R G A N Asia Pacific Equity Research 14 November 2025 Global Memory Market Jay Kwon AC Key considerations heading into 2026 and picturing bull/ bear case scenarios In this report, we cover various key aspects to consider for the global memory and related supply chain investment thesis for the year 2026. We remain constructive on "stronger and longer" memory up-cycle upon AI inference driven token economics amidst supply constraints. We like both SKH/SEC (memory) & Tokyo Electron (SPE) from Asian sem ...