Recently, South Korean memory behemoths SK Hynix and Samsung Electronics have unveiled large-scale, long-term investment plans one after another. Meanwhile, Meta is planning to lease or sell its idle computing power to external parties. These developments have ignited market worries about an oversupply of computing power and memory chips, causing fluctuations in the global chip sector. However, Nomura Securities holds the view that the panic surrounding this so-called "computing power surplus" has been exaggerated. The fundamental contradiction in the memory industry's supply and demand landscape continues to be a supply shortage. Furthermore, the growth in structural demand, driven by AI, has not yet reached its peak. The process of transforming semiconductor investments into actual production capacity entails a protracted cycle. The South Korean investment plans, for instance, will take 5 to 10 years to bear fruit. Additionally, high-margin HBM (High Bandwidth Memory) is crowding out the production capacity of general-purpose memory, thereby intensifying supply strains. Meta's decision to lease or sell computing power is a logical move aimed at optimizing capital returns. This action will not diminish the demand for AI hardware; instead, it may spur the development of more AI applications by reducing costs.