Bank of America released a research report on July 7 stating that global cloud and AI infrastructure capital expenditure is expected to approach $1.5 trillion by 2027, with an annual growth rate of 40% to 50%. The bank emphasized that the current pullback in semiconductor stocks is a healthy correction, not a structural shift in AI demand. BofA predicts that supported by factors such as continued Token usage growth, rapid AI agent adoption, and constrained supply-side infrastructure, global cloud and AI infrastructure capex will approach $1.5 trillion in 2027. The bank noted that memory now accounts for 35% to 40% of cloud AI capex, two to three times higher than historical levels, yet memory stock valuations remain low. Analysts believe the market underestimates the memory industry's gradual shift toward longer-term supply contracts and more predictable pricing mechanisms. As memory transitions from a cyclical commodity to a strategic core component indispensable to the AI era, its valuation multiples are expected to expand further. |
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