ChainThink reports that on September 7, Serenity stated that Samsung and SK Hynix memory inventories have fallen below a 10-day supply, potentially leading to a severe shortage next year.
KB Securities expects the storage market to face "the tightest supply conditions in history" by 2027.
According to data cited by Serenity, KB Securities expects memory costs to account for 40% of AI infrastructure spending this year, rising to 57% next year, while TrendForce forecasts an even higher figure of 68%.
Relevant storage stocks have declined approximately 38% from their highs over the past three months, with their price-to-earnings ratios now falling to around 3 times based on next year’s expected earnings. In the NAND sector, market commentary surrounding Phison points to extremely tight supply conditions by 2027.
Serenity noted that the surge in NAND prices has forced some Chinese consumer storage module manufacturers to clear their inventories, allowing Phison to take advantage by purchasing stock at lower prices, demonstrating that localized price declines and overall supply shortages can coexist.
Serenity believes that, amid sustained growth in AI demand and an increasing cost share of storage in AI infrastructure, Korean storage stocks and U.S. companies such as MU and SNDK may benefit from supply-demand tightness and increased infrastructure spending in 2027.