Nomura: Memory chip shortage to last until 2028, sector valuation deeply undervalued

Nomura is pushing back against the AI-capex-skeptic trade, arguing the shortage runs long enough that current multiples misprice the cycle — a notable call given how much of the recent AI debate has hinged on whether demand is outrunning supply or the reverse. The view matters most for memory-exposed equities and anyone using chip pricing as a read on AI infrastructure spending. The open question is whether the 2028 timeline holds if AI investment sentiment keeps softening, since that duration assumption is doing most of the work in the undervaluation case.