JPMorgan: DRAM/NAND Supply-Demand Remains Tight, Fundamentals Strong Through 2028

Cointime reports: JPMorgan said in a research note dated Nov. 5 that major memory stocks have fallen about 45% from their 2026 highs and the Philadelphia Semiconductor Index is down roughly 29% from its recent peak. Despite concerns over AI financing, power bottlenecks and investment returns, the bank said DRAM and NAND supply-demand remains tight, long-term supply agreements are expanding in coverage, and industry fundamentals should stay strong through 2028. Earnings forecasts for memory companies are unlikely to be cut over the next six months.