Morgan Stanley: U.S. memory stock sold for health replacement, not a turn-off

MORGAN STANLEY ANALYST DESCRIBED THE RECENT SALE OF THE UNITED STATES MEMORY STOCK AS A “HEALTH REPLACEMENT” AND DID NOT CONSIDER THIS TO BE A TURNING POINT IN THE MEMORY CYCLE. MORGAN STANLEY EXPECTED THAT DRAM PRICES WOULD CONTINUE TO RISE BY 20-30 PER CENT OR MORE IN THE THIRD QUARTER OF 2026, A JUDGEMENT THAT POINTED TO SOME CHANNELS AND CLASS CALIBRES AND COULD NOT SIMPLY BE EQUATED WITH THE OFFICIAL DRAM CONTRACT PRICE FOR AN INDUSTRY-WIDE SERVER。