On May 18, Nomura released a report stating that due to the exponential growth in demand driven by artificial intelligence and limited memory supply, memory stocks may undergo a revaluation. Nomura significantly raised its target price for Samsung Electronics from KRW 340,000 to KRW 590,000 and for SK Hynix from KRW 2.34 million to KRW 4 million, both with a 'Buy' rating. The report points out that as AI semiconductor demand shifts from training to inference workloads, memory demand is entering a phase of exponential expansion. In contrast, industry supply growth during the same period is likely to remain constrained, with a compound annual growth rate of around 30%, raising serious questions about whether the structural supply-demand imbalance can truly be resolved. Currently, the industry is attempting to narrow the supply-demand gap through software and architectural optimizations, but Nomura believes these solutions can only slow the growth rate and cannot reverse the trend.