Organization: Capital expenditures for leading memory chip manufacturers may increase further in 2026 and 2027.

Morningstar analyst Li Xuyang stated in a report that capital expenditures of leading memory chip manufacturers may further increase this year and next. The expansion of capital expenditures is driven by long-term supply agreements negotiated with new customers. Morningstar believes that these agreements have favorable terms to support stable profit margins and significant financial commitments from customers. The analyst pointed out that as a result, the growth of memory chip production capacity may be very rapid, especially for DRAM and HBM. He also noted that the high prices of consumer-grade DRAM may also accelerate capital expenditures on memory chips in China.