UBS says AI-driven demand and ongoing long-term supply agreement talks are strengthening the storage-chip cycle and that a structural supply shortfall will persist at least through mid-2028. UBS forecasts total storage-chip industry revenue of $992 bln in 2026, rising to $1.76 tln in 2027. The growth driver is high-bandwidth memory (HBM), a DRAM used in AI accelerators such as NVIDIA GPUs; UBS projects HBM demand up 90% YoY in 2026 to about 33.1 bln Gb and up a further 77% in 2027 to about 58.7

UBS says AI-driven demand and ongoing long-term supply agreement talks are strengthening the storage-chip cycle and that a structural supply shortfall will persist at least through mid-2028. UBS forecasts total storage-chip industry revenue of $992 bln in 2026, rising to $1.76 tln in 2027. The growth driver is high-bandwidth memory (HBM), a DRAM used in AI accelerators such as NVIDIA GPUs; UBS projects HBM demand up 90% YoY in 2026 to about 33.1 bln Gb and up a further 77% in 2027 to about 58.7 bln Gb.