Global Investment Banks See Semiconductor Stock Decline as Buying Opportunity; Memory Shortage to Extend Through 2028

According to Morgan Stanley analyst Joseph Moore on July 20, multiple global investment banks called the recent semiconductor stock decline a buying opportunity, citing expectations that memory chip shortages will intensify through 2028 due to expanded AI data center investments. Moore expects memory prices to rise at least 25% in the third and fourth quarters of 2026 compared to the previous quarter, exceeding earlier forecasts. JP Morgan analyst Mislav Matejka and Lazard Investment CEO Nancy Tengler issued similar assessments, emphasizing that meaningful supply expansion is unlikely before 2028, supporting long-term semiconductor fundamentals. UBS noted that global hedge funds have reduced holdings in AI and semiconductor stocks by approximately 5%, characterizing the activity as profit-taking rather than a sign of weakening demand.
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