JPM | APAC Technology - Kioxia / SEC / Ibiden / Delta / Yageo: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Research evidence excerpt

JPM | APAC Technology - Kioxia / SEC / Ibiden / Delta / Yageo: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

29 June 2026

JPM | APAC Technology - Kioxia / SEC / Ibiden / Delta / Yageo

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Kioxia: many investors question weakness as the market focuses on an industry report highlighting Kioxia 4Q25->1Q26 share

decline from 15%->14%, while YMTC increased from 11%->13%. There is a greater recognition among investors that YMTC

has the ability to stack NAND and source semi cap equip supply for their expansion efforts. The thesis given is YMTC can

effectively supply to the non-developed consumer and data center market, as supply ultimately caps NAND prices towards an

ultimate decline. Japan tech is also impacted by extreme factor rotation out of momentum and into deep value.

SEC: investor conversations surround the outsized W1,000trn ($648bn) capex announcement over 10 years, which amounts to

roughly half of Jay’s FY26-28 estimated capex + R&D (as usually includes this component) spend as mgmt. plans to announce

today at the Prez Palace. FT report that Apple has visited CXMT and petitioning the US authorities to source DRAM for their

consumer electronics products has brought investor focus on this supply dynamic. Investors and corporates concur this is a remote

possibility given US authorities’ reluctance to approve, thou adds to the thesis that China DRAM can supply non-developed

markets consumer electronics and hyperscalers, and w/ capacity expansion potentially put a ceiling on this commodity pricing.

Nanya Tech and Winbond would have more competing DDR4 SKUs as both ramp DDR5