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 ...