KB Securities: AI-driven demand to tighten memory chip supply

The sub-10-day inventory buffer at top memory makers signals a structural shift from cyclical oversupply to AI-driven scarcity. This tightness, if sustained, could reshape pricing power dynamics across the semiconductor supply chain, benefiting manufacturers while pressuring downstream buyers. The key is whether AI capex growth outpaces capacity expansion next year, as that will determine if the projected shortfall materializes or fades.