Morgan Stanley Analyst Shawn Kim Turns Bearish on Memory Chips, Jukan Says

Citrini analyst Jukan said on X that a Morgan Stanley research report circulating in the market shows analyst Shawn Kim has turned bearish on the memory chip sector. According to Odaily, the report said NAND module inventories have risen to about 13 weeks, demand has cooled, and fourth-quarter NAND price gains are expected to slow to about 5%, with spot prices falling for two consecutive months. The report also said CXMT is rapidly expanding capacity and that supply and demand are gradually moving into balance. It added that if NAND weakens, DRAM should also be viewed bearish, and that HBM market growth is expected to be limited to about 40%. Jukan said he had verified the report with sources and that Kim has held similar views recently. He also said this may be one reason the South Korea KOSPI index has continued to pull back in recent weeks.