The chip industry is about to change. Nomura's latest report drops a heavy bombshell — the "super cycle" for memory will continue until 2027. This is not hype; the driving forces are strong: the demand for AI servers and enterprise-level storage chips has exploded, far exceeding production capacity response speed. As a result, the supply chain shortage period is extended, and DRAM prices are continuously soaring.

The specific numbers are straightforward: DRAM memory prices on PCs and mobile devices have increased by 30%-40% month-over-month, and server-grade prices are even more aggressive, rising by 40%-60%. Solid-state drives are not doing well either; Q4 2025 is expected to see another 30%-40% increase. It sounds incredible, but the logic behind it is clear — customers are stockpiling out of fear of shortages.

The most painful part is capacity. Large-scale new production lines won't be operational until 2028, which means shortages won't ease easily. Samsung and SK Hynix are making crazy profits from this wave. The profit margins for general storage have already matched those of HBM (high-end memory chips), and there is even a trend to surpass them. As a result, Nomura has raised earnings forecasts for these two companies, with Samsung's target price increased to 160,000 KRW and SK Hynix to 880,000 KRW, both maintaining a "Buy" rating.

The underlying business logic: AI enthusiasm continues, server capacity keeps expanding, and the length and strength of this cycle are beyond expectations. From the chip supply chain perspective, in the coming period, the valuation and profit recovery space for storage chip manufacturers still have significant potential.