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This time, it’s truly different! Nomura: Embrace the new AI normal; Samsung and SK Hynix valuations should be compared to TSMC.

This time, it’s truly different! Nomura: Embrace the new AI normal; Samsung and SK Hynix valuations should be compared to TSMC.

AI-driven memory demand is entering an exponential expansion phase, while supply growth is far behind. Nomura Securities believes that this memory super cycle is completely different from any in history—structural supply-demand imbalance, long-term agreements (LTA) securing profit visibility, and an AI self-reinforcing investment cycle are fundamentally reshaping the valuation
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