Lam Research: NAND Becomes Scarce - After the 30% Correction, the Equipment Beneficiary is Interesting Again

At Lam Research, I see the next AI-driven growth driver emerging after HBM and DRAM: NAND storage is becoming scarce. AI data centers require increasingly larger enterprise SSDs for training data, vector databases, and increasingly the so-called KV cache during inference. With the spread of autonomous AI agents, the demand for storage is likely to increase further. SK Hynix has approved investments of around 54 trillion won for two new DRAM and NAND factories. The company expects about 19% annual demand growth for both DRAM and NAND by 2030 and...