According to JPMorgan's latest research report, AI demand is driving a simultaneous increase in memory chip prices and sales volumes. The bank has raised its forecast for the global memory market size from 2026 to 2028 by 4% to 8%, projecting it to reach approximately $969 billion in 2026, surge to $1.44 trillion in 2027, and hit $1.82 trillion in 2028. The report points out that the supply-demand shortage in memory is expected to persist over the next two years, potentially intensifying further in 2027, with only slight relief in 2028. The ratio of customer demand to supply is anticipated to range between 70% and 80% next year. This forecast adjustment primarily targets HBM, as JPMorgan has lowered some HBM capacity assumptions due to the extended product cycle of 8-layer products, the slower ramp-up of 12-layer products, and the delayed introduction of 16-layer products. However, it has raised its forecast for the average selling price increase of HBM in 2027 to 42%.