Bank of America Securities: The shortage of AI memory supply will at least continue until the end of next year.

Bank of America Securities senior semiconductor analyst Vivek Arya recently stated that the memory industry is undergoing a fundamental structural transformation driven by artificial intelligence. Micron Technology's latest quarterly performance indicates that the capacity required to manufacture storage chips optimized for artificial intelligence is three to four times that of traditional computing products. In a recent interview, Arya explained, "Without storage chips, there is no artificial intelligence," and pointed out that the recent surge in profits, far exceeding expectations, reflects a permanent shift rather than a typical cyclical increase. Arya also predicts that the supply-demand imbalance in AI memory will last at least until the end of next year. He mentioned that Micron has announced milestone agreements with 16 different customers, providing visibility on pricing, quantity, and supply for multiple years. "I think the durability of this cycle is different," he said, emphasizing that even if storage chip manufacturers want to increase production, physical limitations such as land, power, and manufacturing space make rapid expansion almost impossible.