SemiAnalysis, a top research institution focusing on semiconductor and AI infrastructure, published an article stating that memory's share of Hyperscaler's capital expenditure sparked a lot of discussion, especially after Micron Technology's earnings report was released last week. Some market participants are shocked at how high this percentage could be next year. We published our initial opinion at the end of February, and many customers questioned our 30% figure: “Memory accounts for only a dozen percent of the server BOM. How could the overall capital expenditure be that high?” In May, after prices rose even faster than expected, we responded directly: combining DRAM, NAND, and HBM, the share of memory expenditure in Nvidia systems will exceed 30% by the end of 2026 and over 40% in 2027. We expect the market to understand this trend more fully in the coming months.

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