Jefferies Becomes the First Foreign Investment Bank to Publicly Judge Storage Prices Near Cycle Peak

English summary

Title: Views on Storage Chip Price Trends, 2027 Global AI Capex Scale, and 长鑫存储's IPO. In Q3 2026, actual storage chip price increases were only 15%-20%, lower than the market's previous consensus expectation of 25%-30%. Consumer electronics brands such as smartphones and PCs can hardly bear the continuously rising procurement costs, and only cloud service providers are willing to accept the upper end of this round of price increases. This phenomenon indicates that storage prices are likely to hit the peak of this upcycle in H1 2027. The report also raises a concern: based on industry consensus revenue expectations excluding the domestic market, it is inferred that US AI infrastructure investment in 2027 will reach USD 2 trillion, and financing such a huge amount may face considerable resistance. ...