Nomura's global memory research team stated in its latest report that there is a 75% probability the AI arms race will continue, and the tight supply-demand situation for memory chips in 2027 is largely locked in. The report suggests that even if tech giants face pressure on their free cash flow, they are unwilling to be the first to exit the competition. Meanwhile, long-term memory supply agreements have already secured supply volumes and prices for 2027. Nomura indicated that closed financing channels and power shortages are key risks that could disrupt this outlook.