Memory Market Update SOCAMM content noise offers a buying opportunity; thoughts on NVDA-SKH partnership and takeaways from Computex 2026

Research evidence excerpt

Memory Market Update SOCAMM content noise offers a buying opportunity; thoughts on NVDA-SKH partnership and takeaways from Computex 2026

J P M O R G A N Asia Pacific Equity Research

08 June 2026

Memory Market Update

SOCAMM content noise offers a buying opportunity;

thoughts on NVDA-SKH partnership and takeaways

from Computex 2026

• The truth behind the SOCAMM content cut for Vera Rubin. Multiple Technology - Semiconductors

AC media outlets highlighted the SOCAMM content downgrade for the VR Jay Kwon

NVL72 rack from 192GB to 96GB (or from 1.5TB of content to 768GB per (82-2) 758-5725

CPU) stoking fears among investors on the cooling CPU-related memory jay.h.kwon@jpmorgan.com

demand (link). CPU-driven memory demand upside was the core driver of J.P.BranchMorgan Securities (Far East) Limited, Seoul

memory demand accelerating into 2027E (JPMe: DRAM bit demand +33%/

Sangsik Lee

+34% in 2026/27E - see details in our GMM report). Based on our supply chain (82-2) 758 5146

checks, we sense growing demand for the 96GB SOCAMM module, while sangsik.lee@jpmorgan.com

believe that the shift in demand is predominantly due to limited memory J.P. Morgan Securities (Far East) Limited, Seoul

Branch

supply rather than performance down-spec. Despite the higher 96GB-

grade SOCAMM SKU, we are seeing no changes to overall SOCAMM bit Neelay Y Kamath

(91-22) 6157 3764

procurement demand, implying that the content downward revision will likely neelay.kamath@jpmchase.com

be compensated by higher SOCAMM module demand (e.g. reshuffle of J.P. Morgan India Private Limited

content and volume based on memory supply and content configurations). Mio Shikanai

(81-3) 6736 1313

Table 1: Sensitivity analysis on NVDA demand based on Vera CPU content configuration

mio.shikanai@jpmorgan.com