Morningstar analyst Phelix Lee said leading memory-chip manufacturers may further increase capital expenditure in 2026 and 2027, driven by newly negotiated long-term supply agreements that support margin stability and shift greater funding commitments onto customers. Morningstar said this could lead to strong capacity expansion in memory, particularly in DRAM and HBM.

2026-06-23

Morningstar analyst Phelix Lee said leading memory-chip manufacturers may further increase capital expenditure in 2026 and 2027, driven by newly negotiated long-term supply agreements that support margin stability and shift greater funding commitments onto customers. Morningstar said this could lead to strong capacity expansion in memory, particularly in DRAM and HBM.