12 October 2026 | 5:00AM EDT Equity Research GLOBAL TECHNOLOGY: SEMICONDUCTORS - MEMORY High-performance NAND could help crumble the AI "memory wall" while driving meaningful CapEx savings Key stock takeaways: We view emerging high-performance NAND-based solutions - including High-Bandwidth Flash (HBF) - as promising tools to address a worsening memory constraint in AI inference. We see a potential TAM of ~$40 - $150B at a GPU adoption rate of 15%-50% by 2030 given the rapid proliferation of read-heavy and ...