Morgan Stanley maintained SK Hynix and Samsung Electronics' holdings increase ratings, and the target prices were set at 2.6 million won and 381,000 won, respectively. Based on the report's benchmark stock price, the two target prices correspond to potential growth of about 74% and 65%, but this does not mean that the stock price will definitely rise. The report raised the 2027 cloud capital expenditure year-on-year growth forecast from 14% to 29%. AI computing power requirements are still an important structural support for the storage cycle. DRAM and NAND contract prices continued to rise, but the month-on-month increase declined from a high point; Morgan Stanley expects the storage industry to enter the latter half of the cycle in the fourth quarter of 2026.

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