Nomura：2026年真正的AI繁荣已至，拥抱全新周期报告（英文版）

Exponentially growing AI-driven demand vs limited memory supplyThe memory industry entered a structural growth phase following the launch of ChatGPT[owned by OpenAI (unlisted)] in December 2022, which triggered considerable growth in GPU and HBM (high-bandwidth memory) demand. Subsequently, the adoption of Retrieval-Augmented Generation (RAG) and agentic AI applications has accelerated demand for conventional servers and SSDs, and initiated a triple memory super-cycle(commodity DRAM, HBM, and