IBM(IBM.N)跌幅扩大至26%，创下历史最大盘中跌幅。

Air-raid sirens sounding in Kyiv, Ukraine.

HSBC analysts said in a research note it is too early to assume the storage cycle has peaked. Agentic AI-driven productivity gains and workflow changes could extend a storage supercycle, while improving AI service margins continue to support robust cloud spending; hyperscale cloud providers are unlikely to slow compute-capacity expansion. The phased introduction of next-generation high-bandwidth memory HBM4 should sustain upward pressure on HBM prices. Given SK Hynix’s large HBM exposure, HSBC prefers the stock among Korean techs and expects SK Hynix to hold roughly 50-55% of the HBM market once HBM4 reaches mass deployment around 2027.