JPM | APAC Technology - SEC / Kioxia / SUMCO: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - SEC / Kioxia / SUMCO: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

27 July 2026

JPM | APAC Technology - SEC / Kioxia / SUMCO

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

SEC: press reports Samsung Elec won a $200bn order to supply Broadcom thru FY30, which includes both Foundry (N2 and

below process) and Memory, as Jay believes Memory the much larger portion. Harlan notes Broadcom has already been planning

to use Samsung for its next-gen Tomahawk 6 networking chip, as simply cannot procure any more wafer supply from TSMC

given extremely tight capacity, reflecting Broadcom’s robust ASIC/Networking pipeline. We believe there is an acceleration of

SEC qualification based on TSMC forward supply constraints, as TSMC raised capex, gave positive forward spend commentary

to unlock more capacity which continues to read positively towards SPE order demand

Kioxia: a top incoming investor question re: weakness as several narratives surround the name. Flattening NAND pricing has

been most cited, as we model +8%/flat NAND price sequential increases into Dec ‘26/Mar ‘27 quarters as per Mio/Jay Kioxia

model. Consumer electronics demand destruction is an additional narrative, which can equally be applied to DRAM, as the real

focus ultimately remains on hyperscaler spend w/ rising KV Cache offloading leading towards higher NAND demand. YMTC

may be more of a legitimate supply threat, as can stack NAND, has leading technology as even licensed V10 to SEC, and set to

aggressively expand capacity, only offset by HBM commitments. Technically, retail long margin selling may be another factor, as

Kioxia is by far the most widely traded stock in Japan.