Morgan Stanley Analyst Turns Bearish on Memory Chip Industry

Analyst Jukan Citrini stated on the X platform that Morgan Stanley analyst Shawn Kim has turned bearish on the memory chip industry. The report indicates that NAND module manufacturers' inventory has risen to about 13 weeks, with demand significantly cooling. It is expected that the price increase for NAND in the fourth quarter will slow to about 5%, and spot prices have fallen for two consecutive months. Meanwhile, ChangXin Memory Technologies (CXMT) is rapidly expanding its production capacity, leading to a gradual balance between supply and demand. The report also mentioned that if NAND prices weaken, DRAM should also be viewed bearishly, with the HBM market growth expected to be limited to about 40%. Jukan confirmed with sources that the report is accurate and noted that Shawn Kim has held similar views recently, which may be one of the reasons for the continuous pullback of the KOSPI index in South Korea in recent weeks.

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