AI semiconductor summer correction is a good opportunity to lay out at a low. The $1.5 trillion cloud capital expenditure is a solid support, and the narrative of the "storage super cycle" is impeccable.

Even though the leaders in storage chip and AI semiconductor sectors have recently entered a downward trajectory, Wall Street financial giants continue to remain optimistic about the "storage super cycle" and the long-term bull market trajectory of AI semiconductor-related stocks under the unprecedented AI infrastructure boom. Nomura, a well-known investment institution on Wall Street, released a research report refuting the "semiconductor peak theory." Bank of America Corp (BofA) also released a new research report this week, indicating that by 2027, global capital expenditure on cloud computing and artificial intelligence-related infrastructure will reach $1.5 trillion. They pointed out that the current summer pullback, including storage chip stocks, in the AI semiconductor sector is a healthy reset rather than a structural change in AI compute power demand. GPUs are responsible for generating intelligence, HBM/DRAM for high-speed data, enterprise-level NAND/eSSD for hot data and caching, and HDDs for long-term storage of large amounts of cold/temperate data. Therefore, Wall Street financial giants such as Goldman Sachs Group, Inc. believe that the AI compute power arms race led by cloud computing giants is turning storage chips from cyclical commodities into scarce strategic assets. The price increase of DRAM/NAND in 2026 is not the end, but it may be the beginning of a supercycle. Whether it is Alphabet Inc. Class C's massive TPU AI compute cluster or NVIDIA Corporation's AI GPU compute cluster, both cannot function without HBM storage systems integrated with AI chips. The current accelerated construction or expansion of AI data centers by tech giants requires large-scale purchases of server-grade DDR5 storage, enterprise-grade high-performance SSDs/HDDs. Samsung Electronics, SK Hynix, and Micron Technology, Inc. are all key players in the three core storage areas: HBM, server high-performance DRAM (including DDR5/LPDDR5X), and high-end data center-grade SSDs, making them the most direct beneficiaries in the "AI memory + storage stack" and benefiting greatly from the AI infrastructure boom. Based in South Korea, storage chip giant Samsung Electronics has recently revealed unmatched preliminary Q2 performance, which is almost the most tangible profit sample of this storage chip super cycle. Its operating profit in the second quarter is expected to reach 89.4 trillion Korean won, nearly a 19-fold increase year-over-year, surpassing market estimates. Wall Street analysts have forecasted that Samsung's quarterly operating profit has exceeded NVIDIA Corporation's previous quarter, making it the company with the highest quarterly operating profit globally. On Wall Street, analysts collectively express optimism about the three major storage chip manufacturers - SK Hynix, Samsung Electronics, and Micron Technology - continuing to set new record highs in their stock prices. The key logic is that the global AI data center construction process, thriving under the AI infrastructure boom, has led to explosive demand for HBM, high-capacity DRAM, and enterprise-level NAND storage chips. The analysts expect global data center capital expenditure to increase from $1.16 trillion in the previous year to $6.13 trillion by 2030, with memory accounting for a larger share of data center investments. Thus, at around six times the 12-month forward P/E ratio, stocks of Samsung and SK Hynix are significantly undervalued, with potential revaluation.