J.P. Morgan Chase pointed out in the latest research report that AI demand is driving simultaneous growth in memory chip prices and shipments. The bank raised the global storage market forecast by 4% to 8% from 2026 to 2028. It is estimated that the market size will increase from about 969 billion US dollars in 2026 to 1.44 trillion US dollars in 2027 and 1.82 trillion US dollars in 2028. The shortage of supply and demand will continue for the next two years, and may worsen further in 2027, and will only ease slightly in 2028; the ratio of customer demand to supply will still be only 70% to 80% next year. HBM is the focus of this forecast adjustment. Due to the extension of the 8-layer product cycle, the slowdown in the 12-layer climb, and the delay in the introduction of the 16th layer, J.P. Morgan Chase lowered some HBM capacity assumptions, but raised the forecast for the average sales price increase of HBM in 2027 to 42%.

J.P. Morgan Chase pointed out in the latest research report that AI demand is driving simultaneous growth in memory chip prices and shipments. The bank raised the global storage market forecast by 4% to 8% from 2026 to 2028. It is estimated that the market size will increase from about 969 billion US dollars in 2026 to 1.44 trillion US dollars in 2027 and 1.82 trillion US dollars in 2028. The shortage of supply and demand will continue for the next two years, and may worsen further in 2027, and will only ease slightly in 2028; the ratio of customer demand to supply will still be only 70% to 80% next year. HBM is the focus of this forecast adjustment. Due to the extension of the 8-layer product cycle, the slowdown in the 12-layer climb, and the delay in the introduction of the 16th layer, J.P. Morgan Chase lowered some HBM capacity assumptions, but raised the forecast for the average sales price increase of HBM in 2027 to 42%.