Sean Johnstone, a TMT expert for Europe at Goldman Sachs, pointed out in his latest report that HBM (High Bandwidth Memory) and DRAM orders are sold out until 2027, with long-term agreements having price floors and gross margins remaining in the mid-to-high 70% range. He stated that structural AI demand will continue to tighten supply until 2028. However, he also noted that the month-over-month increase in memory chip prices has slowed, and is expected to peak in Q2-Q3 2027, followed by a potential mild and slight decline. Memory costs in NVIDIA's next-generation "Vera Rubin" superchip already account for approximately 62% of the overall bill of materials, and NVIDIA is evaluating HBM stacking solutions with fewer layers to reduce costs. Additionally, Apple is testing products from Chinese memory chip manufacturer CXMT to alleviate memory supply pressure caused by AI demand.