According to ME News, on July 24 (UTC+8), Citrini analyst Jukan stated on X that a widely circulated Morgan Stanley research report indicates analyst Shawn Kim has shifted to a bearish outlook on the memory chip industry. The report notes that NAND module inventories have risen to approximately 13 weeks, demand has clearly softened, and NAND price increases in the fourth quarter are expected to slow to around 5%, with spot prices declining for two consecutive months. Meanwhile, CXMT (ChangXin Memory Technologies) is rapidly expanding capacity, gradually bringing supply and demand into balance. The report also suggests that if NAND conditions weaken, DRAM should be viewed bearishly as well, with HBM market growth expected to be capped at around 40%. Jukan confirmed that he has verified the authenticity of the report with insiders and noted that Shawn Kim has held similar views recently, which may be one reason for the recent sustained pullback in the Korean KOSPI index. (Source: ODAILY)
Morgan Stanley analyst turns bearish on storage, cited as a potential factor for KOSPI correction
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Summary
A bearish trend has emerged in the storage chip sector, as Morgan Stanley analyst Shawn Kim pointed to rising NAND inventories and weak demand. NAND prices are expected to rise by only 5% in Q4, with spot prices declining for two consecutive months. CXMT’s aggressive expansion and HBM growth capped at 40% have also raised concerns. The report may contribute to a KOSPI correction amid market uncertainty.
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