全球 IO 硬件：存储对云资本开支的通胀效应；对 ODM 品牌商利润的通缩效应-Global IO Hardware-Memory's inflationary impact on cloud capex; deflationary impact on ODMbrand margins

ab 10 February 2026 Powered by YES UBS Evidence Lab Global Research Memory's inflationary impact on cloud capex; deflationary impact on ODM/brand margins Global I/O Hardware AI demand taking memory into shortage well into 2027 We analyze UBS upgrade to the magnitude and duration of the memory cycle (link) for its impact on hyperscale capex, hardware BOM cost/margins and unit demand. UBS now forecasts DRAM pricing per Gb could increase 289% from 2025-27, surpassing the 89% rise in the 2017-2018 cycle and NAN ...