AI最紧的瓶颈：内存芯片

AI's tightest bottleneck: Memory chips Marion Laboure, Ph.D.Research Analyst+44-20-7545-0679 In 2026, we can no longer ignore the memory market’s parabolic rise. The largestmemory chipmakers, SK Hynix, Micron and Samsung Electronics are each nowvalued above $1trn in market cap – a feat considering they represent over 90% of Camilla SiazonResearch Analyst+44-77-876-06467 What is happening in the memory market to drive these geometric valuations?Behind the ascent, the answer is more worrying for corporates and the individual Melissa WeathersResearch Analyst 1.Examine how the AI demand composition shift is leading to a supplyshortage in memory, and how this cycle is different2.Who is most exposed to the memory crisis and whether they can pass Read our piece here. Appendix 1 Important Disclosures *Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies,and other sources. For further information regarding disclosures relevant to Deutsche Bank Research, please visit our globaldisclosure look-up page on our website at https://research.db.com/Research/Disclosures/FICCDisclosures. Aside from withinthis report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/ Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, theundersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or viewin this report. Marion Laboure, Camilla Siazon, Melissa Weathers. Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in thisreport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for the If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report, oris included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may act asprincipal for its own account or as agent for another person. Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own accountor with customers, in a manner inconsistent with the views taken in this research report. Others within Deutsche Bank,including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this researchreport. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked analysis,quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ fromrecommendations contained in others, whether as a result of differing time horizons, methodologies, perspectives or Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do notnecessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank provides liquidityfor buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimes haveshorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Some trade ideas forequities are listed as Catalyst Calls on the Research Website (https://research.db.com/Research/) , and can be found on thegeneral coverage list and also on the covered company's page. A Catalyst Call represents a high-conviction belief by an analystthat a stock will outperform or underperform the market and/or a specified sector over a time frame of no less than two weeksand no more than three months. In addition to Catalyst Calls, analysts may occasionally discuss with our clients, and withDeutsche Bank salespersons and traders, trading strategies or ideas that reference catalysts or events that may have a near-term or medium-term impact on the market price of the securities discussed in this report, which impact may be directionallycounter to the analysts' current 12-month view of total return or investment return as described herein. Deutsche Bank hasno obligation to update, modify or amend this report or to otherwise notify a recipient thereof if an opinion, forecast or estimatechanges or becomes inaccurate. Coverage and the frequency of changes in market conditions and in both general andcompany-specific economic prospects make it difficult to up