Nomura analysts say it is too early to declare chip stocks have peaked and
expect the sector’s upward momentum to continue. They cite two drivers:
hyperscale data‑center operators that must scale or exit are unlikely to stop
investing through 2027, in part because rising storage‑chip costs are sustaining
spend; and data‑center buildouts are accelerating. The team calls the recent
chip‑price pullback “healthy” but warns markets have not yet priced some
potential future risks and supply shortages.
