[Morgan Stanley: Asian Storage Stocks Retreat 15% to 25%, Market Pricing Logic Shifts] Morgan Stanley noted on July 14 that Asian storage stocks have retreated 15% to 25% over the past month, while the chip sector as a whole has been trading sideways. Three key variables determine the direction: CSP capital expenditure expectations exceed consensus by 30% to 37%, with the late-July earnings season serving as a validation window; LTAs mitigate fears of a cyclical downturn, raising the price floor; Yangtze Memory's Fab4 and Fab5 each plan approximately 100kwpm capacity. If capital expenditure discipline is maintained, NAND supply-demand tightness could extend to 2028, but accelerated capacity expansion poses the greatest risk of oversupply. Morgan Stanley believes that the pricing logic for storage stocks is shifting from cyclical high volatility to structurally mid-to-high returns, and companies with sustainable profitability will receive valuation premiums.