[JPMorgan: DRAM/NAND Supply and Demand Remain Tight; Fundamentals Expected to Remain Strong Until 2028] According to a report by Jinse Finance on November 5th, a recent research report from JPMorgan Chase points out that major memory stocks have retreated by an average of about 45% from their 2026 highs, while the Philadelphia Semiconductor Index has retreated by about 29% from its recent high. The bank believes that despite market concerns about AI financing, power bottlenecks, and investment returns, the supply and demand for DRAM and NAND remains tight, with long-term supply agreements continuously expanding their coverage, and the industry's fundamentals are expected to remain strong until 2028. The likelihood of downward revisions to memory company earnings forecasts in the next six months is low.