APAC Focus: Global I/O Memory Semis "With Agentic AI, what will the New ..."

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APAC Focus: Global I/O Memory Semis "With Agentic AI, what will the New ..."

Global Research

20 May 2026ab

Global I/O Memory Semis Equities

GlobalAPAC Focus: With Agentic AI, what will the New

Normal be?Please Semiconductors

Nicolas Gaudois

Analyst

nicolas.gaudois@ubs.com

+65-6495 5148

Timothy Arcuri

timothy.arcuri@ubs.com

+1-415-352 5676

Jimmy Yoon

jimmy.yoon@ubs.com

+65-6495 4617

Luke Yoo

luke.yoo@ubs.com

+65-6495 6743AI,and in particular agentic AI, is adding more and more use cases for DDR5 and Gianmarco Vella

NAND flash, on top of HBM. This is fuelling an unprecedented memory upcycle, Associate Analyst

with DRAM/NAND undersupply now likely into 2Q28/4Q27. Customers are gianmarco.vella@ubs.com

+1-415-352 4555

pushing for more binding Long Term Agreements (LTAs), which we estimate could

fix c. 20-30% of total industry volumes and pricing for the next 2-3 years. This Kenji Yasui

would imply higher-for-longer ASPs and ROEs (which memory stocks are yet to Analyst

price in), but also upside to overall hyperscaler capex and memory capacity growth. kenji.yasui@ubs.com

+81-3-5208 6211

Sunny LinAgentic AI is pushing memory demand upwards on multiple fronts

Server CPU demand is strongly inflecting up, driving demand for DDR5/LPDDR5 for both sunny.lin@ubs.com

conventional server as well as AI servers (CPU head nodes). Agentic AI is a key driver, as it +886-2-8722 7346

needs CPUs and hence DDR to run sequential compute cycles whilst calling tools.

Francois-Xavier Bouvignies

Factoring in higher GPU/ASIC to CPU attach rates and the upside to server units (+19%/ Analyst

+17% YoY in '26E/'27E), we now forecast server DDR bit demand to grow 44%/70% francois.bouvignies@ubs.com

YoY in '26E/'27E, driving overall demand growth of +21%/+35% YoY in '26E/'27E. We +44-20-7568 7105