Morgan Stanley analysts turn bearish on storage; Citrini analysts say it may be one of the factors behind the KOSPI pullback

Odaily reported that Citrini analyst Jukan stated on the X platform that a circulated Morgan Stanley research report shows analyst Shawn Kim has turned bearish on the storage chip industry. The report indicates that NAND module manufacturers' inventories have risen to around 13 weeks, demand has clearly cooled, the NAND price increase in the fourth quarter is expected to slow to about 5%, and spot prices have fallen for two consecutive months. At the same time, CXMT is rapidly expanding capacity, and supply and demand are gradually balancing out. The report also notes that if the NAND market weakens, DRAM should also turn bearish, and projects that growth in the HBM market will be limited to around 40%.

Jukan stated that he has confirmed the authenticity of the report with sources, and said that Shawn Kim has held similar views recently. This may be one of the reasons why the Korean KOSPI index has continued to pull back in recent weeks.