Asia Pacific Equity Research 22 September 2026 Memory Market Update J P M O R G A N 8 Bull vs. Bear debate: Street pricing-in extreme-bear; risk/reward attractive in the next 12M; OW In this report, we provide nine major memory debate topics along with contradicting bull/bear theses and our view on each of the sub-topics. We also introduce a DCF valuation exercise for two leading Korean memory stocks with various stress tests (bull/base/bear/extreme bear) to gauge what the market is pricing-in at the curren ...