全球内存：近期上涨后还有上行空间吗-Global Memory_ Any upside left after the recent rally_

8 December 2025 Price Target Change Global Memory Global Memory: Any upside left after the recent rally? Mark Li +852 2123 2645 mark.li@bernsteinsg.com Edward Hou, CFA +852 2123 2623 Structural thesis is intact, but be mindful of short-term volatility. Memory stocks have high betas & valuation is susceptible of macro risk appetite & AI bubble concern. Our recent study reinforces our conviction that memory is the cornerstone of data economy, but investors still need to tread these stocks carefully. See the D ...