J P M O R G A N Asia Pacific Equity Research 20 October 2026 Memory Market Update Perplexing top-down vs bottom-up view; Thoughts into 3Q earnings; NT earnings conviction to calm fears • Global top three memory shares are down -42% from the 2026 peak; what are the share prices pricing-in? Memory shares (SEC/SKH/MU) have dropped sharply (down 42% from recent peaks in September on average), likely on negative macro developments such as softer-than-expected Frontier AI model lab annual-revenue-runrate trend (l ...

12 October 2026 | 9:12PM SGT Equity Research Asia Pacific Technology: Semiconductors - Memory: Nanya Tech 3Q26 read-across: limited level of DRAM bit supply growth likely for 2027 On October 12, Taiwanese DRAM producer Nanya Technology (Nanya; Not Covered) reported its 3Q26 earnings (September quarter), and we provide read-across to Samsung Electronics (SEC) and SK Hynix (Hynix). Remain Buy rated on both SEC (on CL) and Hynix. Key takeaways Goldman Sachs does and seeks to do business with companies covered ...