Nomura: AI-driven memory demand grows exponentially, sharply raising target prices for Samsung and SK Hynix

Glonghui, May 18 — Nomura released a report indicating that AI-driven demand is experiencing exponential growth while memory supply remains limited, and memory stocks are expected to undergo a valuation re-rating. According to Nomura, as demand for AI semiconductors shifts from training to inference workloads, memory demand is entering a phase of exponential expansion. In contrast, the bank believes that industry supply growth during the same period may remain constrained at around 5 to 6 times (with a compound annual growth rate of approximately 30%), raising serious questions about whether the structural supply-demand imbalance can truly be resolved. Nomura notes that the industry is currently attempting to narrow this widening supply-demand gap through various software and architectural optimizations, but considers that these solutions will only slow the growth rate, rather than reverse the trend.