[Bank of America Outlook on the Semiconductor Industry: AI Investment Continues to Expand, Storage Cycle Logic May Be Redefined] According to a report by Jinse Finance, on June 2, Bank of America stated that AI infrastructure development is still in its early stages. As AI applications gradually expand from cloud computing providers to enterprise clients, government agencies, and sovereign AI projects, the global AI infrastructure investment scale is expected to grow from the current approximately $1 trillion to $3-4 trillion by 2030. Against this backdrop, industries such as AI data centers, memory, semiconductor equipment, and analog chips are poised to see new growth opportunities. Bank of America believes the storage industry is undergoing structural changes and may break away from the traditional cycle of "sharp rises and falls." The report highlights that current factors limiting the expansion of storage capacity include not only capital expenditures but also advanced packaging capabilities, cleanroom construction, power supply, and geopolitical factors.