June 16 — Pacific Securities research: accelerated AI-driven capex by global
tech giants will push industry investment into a near-$1tr era in 2026. The six
largest tech firms are forecast to spend >$350bn in capex in 2025 and exceed
$800bn in 2026, underpinning sustained HBM demand. HBM market is expected to
post high double-digit growth in 2026; three major suppliers’ HBM capacity is
fully sold out and SK Hynix holds roughly 60% share. Gartner price forecasts
show 2026 DRAM +125% and NAND +234%, signalling prolonged supply tightness.
Storage is shifting from a cyclical commodity to a strategic resource, with AI
semiconductors accounting for about 30% of total revenue.
