The storage chip supercycle could extend through 2030, with the capital expenditure of the three major storage giants projected to hit $146 billion by 2027.

According to Chosun Ilbo, the supercycle for memory chips may be extended from the previously expected 2028 to 2029–2030. While Samsung Electronics, SK Hynix, and Micron are significantly ramping up AI-related capacity investments, it typically takes 3 to 5 years to move from plant construction and equipment installation to actual output, so supply tightness is unlikely to ease in the short term. Deloitte projects that the three firms’ combined capital expenditure will reach $146 billion in 2027, roughly 3.4 times the $43 billion in 2024, accounting for 56% of the $260 billion global semiconductor capital expenditure that year. However, Deloitte notes that even if memory makers expand production rapidly, new supply will not be able to enter the market on a large scale until 2029–2030. Data from SemiAnalysis shows that the share of memory procurement in hyperscalers’ capital expenditure has risen from 8% in 2023–2024 to 30% in 2026, and may climb further to 36% in 2027. Based on projected 2027 hyperscaler capital expenditure of $1.14 trillion, around $410 billion will be spent on memory products. It forecasts that DRAM prices will more than double in 2026 and post double-digit growth in 2027, while HBM’s structural shortage is likely to persist until 2027. SK Hynix CEO Koo Roung-hoe previously stated that 2027 could be the tightest supply year in the industry’s history, and customer demand may still outstrip supply capacity after 2030. Samsung Electronics also noted that clients needing to build large-scale AI infrastructure after 2029 are continuously requesting multi-year supply contracts.