Global Memory Tech: Weekly theme: US conference, Samsung meeting, Hynix 2x capacity, strong spot

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Global Memory Tech: Weekly theme: US conference, Samsung meeting, Hynix 2x capacity, strong spot

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Global Memory Tech

Weekly theme: US conference, Samsung

meeting, Hynix 2x capacity, strong spot

Industry Overview

Bullish sentiment at our San Francisco tech conference 04 June 2026

BofA hosted its global tech conference in San Francisco this week. Most investors and

Equitytech companies that attended were very bullish on AI, and, consequently memory.

GlobalFrequently discussed topics (in the memory chip industry) were LTAs (long-term

Technologyagreements for volume/ pricing, with penalties if the chips are not purchased), demand

(HBM, low-power DDR5, eSSD), capex, capacity, China supply, labor costs, further Simon Woo, CFA >>

shareholder returns, and even the 2030 outlook. Net-net, many US/global tech investors Research Analyst Merrill Lynch (Seoul)

said that it is too early to call a peak in the memory cycle; they also stated they saw +82 2 3707 0554

significant room for further growth among chipmakers. simon.woo@bofa.com

Dai Shen >>

What we learned from Samsung + investor meetings ResearchMerrill LynchAnalyst(Hong Kong)

Samsung Electronics also attended the tech conference. What we learned from our dai.shen@bofa.com

investor meetings include: 1) tight memory chip production (e.g., sub-20% bit growth p.a. VivekResearchAryaAnalyst

as the new normal) vs demand (20%+ growth, driven by AI) even in 2027 or beyond; 2) BofAS

vivek.arya@bofa.com

HBM-centric wafer capacity expansion (vs limited increases in conventional DRAM and

NAND); 3) hard to simultaneously build 2-3 new shell fabs due to resource constraints MikioResearchHirakawaAnalyst >>

among high-tech fab construction firms – only one large fab can be built per 2-3 years BofAS Japan