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 ...

8 Asia Pacific Equity Research September 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia Technology Outlook Jay Kwon AC +82 2 758 5725 jay.h.kwon@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch See the end pages of this present ...

30 September 2026 China Technology Equities Consumer electronics: Memory has moved on China Hope amid hard times. This report looks at what component shortages and higher memory prices mean for the economics of the smartphone market. The key message is that while average selling prices have jumped as costs surged, handset makers don't need memory prices to fall to recover. Any slowdown in AI-driven memory price inflation could be enough for margins to improve before shipments start to increase. Stabilisatio ...

J P M O R G A N North America Equity Research 29 September 2026 Hardware & Networking Data Center Watch: Token Spend Accelerates While GPU Rental and Memory Spot Pricing Track More Mixed in September In the Data Center Watch report, we outline key data points relevant to AI infrastructure demand, including LLM token volumes and prices, GPU rental prices, and memory costs. Taken together, the latest data on LLM token spend growth suggest AI infrastructure demand remains strong, but pricing signals from GPU r ...

Accessible version Global Memory Tech Weekly theme: post J-curve cycle, Micron vs Samsung/Hynix, strong exports Industry Overview Moving beyond J-curve, with no hard landing We believe the memory cycle will move beyond the J-shaped phase of sequential growth as of 4Q26. This is consistent with Micron's recent results and new guidance: sales rose 31% QoQ in the Aug'26 quarter, vs 74% in the May'26 quarter, and are guided to rise only 13.5% in the Nov'26 quarter. This trend may be used for the bearish thesis ...

October 5, 2026 06:36 AM GMT Semiconductors | North America Weekly: SPE Earnings Thoughts & August SIA SPE likely to show significant strength around these prints. Separately, August SIA was stronger than expected overall, with broad markets softer than expected and memory still supported by tight supply and resilient pricing. Get ready for BIG SPE prints. The industry is blowing past both demand (cleanroom) and supply (supply chain) constraints. We expect beats and raises across the majority of our U.S. SP ...

纪要 关注公众亏:水木纪要 6 October 2026 Global Memorv MEMORY TRACKER (Sep): ~20% price hike QoQ,in 3Q, & perhaps teens% in 4Q Mark Li +852 2123 2645 mark.li@bernsteinsg.com Mark C. Newman +1 212 845 7822 mark.newman@bernsteinsg.com Edward Hou. CFA +852 2123 2623 edward.hou@bernsteinsg.com Yipin Cai. CFA +852 2123 266 vipin.cai@be This monthly tracker (download dataset here) summarizes contract/spot price data released by TrendForce/DRAMeXchange & compares that with our model & investor expectations. DRAM: Sep contract ...

October 11, 2026 09:42 PM GMT Tech Bytes | Asia Pacific M Idea Memory – Cycles vs. Super Cycles Cindy.Huang@morganstanley.com +44 20 7425-2915 Memory investing is less about pinpointing inflections or identifying data points – but it's about the market rewarding those who priced it first. AI is a compute problem, a memory problem, hence structurally different. In the later stages, however, still cyclical and reward is harder to come. Fundamentals look bulletproof but a more cautious tale for stocks. The AI ...

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 ...

We attended the SEMICON West Conference in San Francisco, California on October 13-14 and met with Applied Materials, Lam Research, Teradyne, Camtek, Onto Innovation, MKS Instruments, and a variety of other companies across the industry. Overall, we came away from the event with an incrementally positive view on WFE growth for 2027 and 2028 - consistent with our recent WFE outlook. We highlight key industry takeaways, along with company-specific takeaways below: WFE trends: Although companies avoided giving ...