Jefei: AI spending has entered a new stage, pricing power shifting to memory manufacturers.

Jefferies' report indicates that the rapid increase in spending on artificial intelligence has entered a new phase, with pricing power no longer in the hands of chip designers or cloud platforms, but in the hands of memory manufacturers. The market generally expects that this storage "super cycle" driven by the AI boom will continue to unfold. According to Counterpoint's analysis, memory prices are expected to rise by an additional 50% in the first quarter of 2026.