Nomura Expects Memory Chip Demand to Keep Growing Until 2028

Nomura Securities has released its latest report on the global memory chip industry. It expects memory chip demand to keep growing fast until 2028, even as AI companies face slower revenue growth and funding worries. The firm has given "Buy" ratings to both Samsung Electronics and SK Hynix.

Recently, CoreWeave's bond prices dropped sharply, and the tech progress of China's CXMT has raised supply concerns. But Nomura believes the market is overestimating the risk of AI companies cutting demand. OpenAI and Anthropic's combined revenue grew 507% year on year in the third quarter.

Data shows that new global data center capacity is expected to reach 22.3GW this year and 31.5GW next year. The net cash of nine chip companies may grow from 282 billion dollars in the second quarter to 2 trillion dollars by the end of 2028. If data center investments keep being cut or delayed, the demand forecast would need a fresh look.