全球存储市场 - 2026 年展望：通缩延续，AI 推理需求上升叠加供应受限-Global Memory Market-2026 outlook Disinflation continues with AI inference pick-up and supply constraints

J P M O R G A N Asia Pacific Equity Research 14 December 2025 Global Memory Market 2026 outlook: Disinflation continues with AI inference pick-up and supply constraints Technology - Semiconductors Jay Kwon AC (82-2) 758-5725 jay.h.kwon@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch Sangsik Lee (82-2) 758 5146 sangsik.lee@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch Neelay Y Kamath (91-22) 6157 3764 neelay.kamath@jpmchase.com J.P. Morgan India Private Limited Har ...