Nomura says the global storage industry’s core imbalance is a severe supply shortage and AI-driven structural demand growth has not yet peaked. Investor fears of an imminent supply glut are materially overblown, and recent market weakness could offer a window to reassess storage valuations. Nomura notes semiconductor capex-to-capacity conversion is very slow; a Korean investment plan of about 4,800 trillion won will take at least 5–10 years to translate into actual capacity. High-margin HBM (high-bandwidth memory) is crowding out general-purpose memory capacity, further tightening supply. Nomura adds Meta’s recent decision is not an inflection point for weaker AI hardware demand; Meta bringing compute to market may help stabilise and push down per-token prices that have risen amid current compute shortages.(金十数据)