Citrini Analyst: Short-Term May See "Short Memory, Long Optical" Trading, Long-Term Outlook for Storage Industry Remains Positive

Odaily News, Citrini analyst Jukan stated on the X platform that the market may have to adopt a "short memory, long optical" trading strategy in the short term, with some hedge funds already positioning in this direction, primarily based on three reasons:

First, after Korea's leveraged ETF market largely ceased to function, related investors are facing redemption pressure, which may lead to additional selling outflows. Adjustments in the capital chain of leveraged products could still put pressure on Korean memory stocks.

Second, Nvidia is adjusting its next-generation AI system architecture. Nvidia may reduce the HBM configuration per cabinet for Rubin Ultra and connect multiple cabinets via optical interconnect technology, keeping Rubin Ultra cluster-level performance ahead. Even if the HBM reduction stems from supply constraints rather than declining demand, optical communications could still become a key beneficiary in AI infrastructure.

Third, the market is forming a consensus that memory prices may peak within the next two quarters.

However, the long-term outlook for the storage industry remains positive, though the short-term view is cautious. AI infrastructure investment is gradually shifting from a sole focus on HBM storage capacity to the overall efficiency of data center architecture, including high-speed optical interconnects and other components, which may drive funds to rotate from memory chips to optical communications in the short term.