Nomura Securities: AI Capex Race Has No Exit Option, 2027 Storage Capacity Already Locked In

Nomura Securities assesses that memory manufacturers' 2027 capacity has already been locked in during October's long-term agreement negotiations, with default penalties ranging from 50% to 100% of the annual demand value, indicating the memory super cycle will continue. Shareholder pressure will slow capital expenditure but will not stop the race. A shutdown of the financing market could halt this competition, but Nomura Securities does not consider it a systemic risk. Power bottlenecks primarily cause delays, postponing chip deliveries without canceling demand.