Nomura Predicts Rapid Memory Chip Demand Growth Through 2028
Nomura Securities released a report predicting that global memory chip demand will continue to grow rapidly until 2028, arguing that market concerns regarding AI investment slowdowns are exaggerated. The firm gave 'buy' ratings to major memory manufacturers Samsung Electronics and SK Hynix. This analysis reassures semiconductor investors who were worried that financial pressures on AI companies might trigger a prolonged slump in chip demand. By linking demand to continuous global data center expansion, it highlights the resilient growth trajectory of the hardware ecosystem underpinning AI. Nomura estimates that global data center capacity additions will increase from 22.3 GW this year to 31.5 GW next year, outpacing memory supply growth and driving prices upward. However, the firm noted that significant reductions or delays in data center investment plans would require a re-evaluation of these forecasts.
## BACKGROUND
Nomura's report addresses market anxiety sparked by financial strains at AI cloud providers like CoreWeave and technological advancements by competitors like China's ChangXin Memory Technologies (CXMT). These factors had fueled fears that reduced capital expenditures or increased supply could negatively impact major DRAM memory makers.