2026년 2월 11일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
The sharp rise in memory chip prices is increasingly shaping equity performance across the global technology sector, with investors watching a growing split between companies benefiting from the squeeze and those absorbing the cost pressure. Since the end of September, a Bloomberg gauge tracking global consumer electronics makers has fallen 10%, reflecting concerns that rising memory costs could weigh on margins, while a basket of memory producers including Samsung Electronics has surged roughly 160%. Some investors appear to be pricing in a relatively short disruption, but fund managers such as Fidelity International's Vivian Pai have suggested that supply tightness could persist through the rest of the year, potentially extending beyond the one-to-two-quarter normalization many valuations currently assume.
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Recent earnings commentary indicates that memory shortages are no longer a peripheral issue. Honda Motor (NYSE:HMC) has flagged emerging supply risks tied to memory components, while Qualcomm (NASDAQ:QCOM) dropped more than 8% after warning that constrained memory availability may limit smartphone production. Nintendo (NTDOY) posted its steepest decline in 18 months after cautioning that higher memory costs could pressure margins. PC makers have been among the most exposed, with Lenovo and Dell each falling more than 25% from their October peaks, while Logitech has slid nearly 30% from a November high. Similar concerns have weighed on Chinese electric vehicle and smartphone makers, including BYD (BYDDF) and Xiaomi (XIACY), as investors assess whether elevated chip prices could further weaken demand.
At the same time, heavy AI infrastructure spending by US hyperscalers is reshaping memory supply dynamics. Investment by companies such as Amazon.com has shifted production capacity toward high-bandwidth memory used in AI systems, reducing availability of conventional DRAM and contributing to what some market participants describe as a memory supercycle. Spot DRAM prices have climbed more than 600% in recent months, even as demand for smartphones and automobiles remains soft, while AI-driven demand is also lifting NAND and other storage costs. Against this backdrop, memory chip makers have emerged as standout performers, with SK Hynix up more than 150% since late September and companies including Kioxia, Nanya Technology and Sandisk advancing between roughly 270% and more than 400%, suggesting investors are still reassessing how long this cycle could last.
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