Nomura Securities: The global storage industry is still facing a severe supply shortage, and the structural demand growth driven by AI has not yet peaked.

The Odaily Planet Daily reported that in its latest report, Nomura Securities believes the core contradiction in the global storage industry remains a severe supply shortage, and the structural demand growth driven by AI has not yet peaked. Recently, investor concerns about supply surplus are clearly excessive, and the market's overreaction may provide a window for re-evaluating valuations in the storage sector. In its report, Nomura Securities stated outright that market concerns are severely exaggerated, the cycle for converting semiconductor investments into actual production capacity is extremely long, and South Korea's massive investment plan worth 4,800 trillion won will take at least five to ten years to translate into actual capacity. Moreover, the squeeze on general-purpose storage production capacity by high-profit HBM is leading the market to face a serious supply shortage. Nomura Securities emphasized that Meta's decision is by no means a turning point for a decrease in AI-related hardware demand. On the contrary, as the current shortage of computing power is driving up the price per token, Meta's entry into the computing power market is expected to help stabilize token prices downward. (Jin Shi)