Bank of America: Memory Sector Correction Is Emotional, Not Fundamental as South Korea's Chip Exports Hit $44.8B in June

According to Bank of America's latest global memory technology report released on July 2, market concerns about the memory price surge cycle ending are largely "emotional disturbances" rather than fundamental shifts in the industry. The report addresses three key market worries: Meta's plans to lease AI computing capacity, China's CXMT entry into Apple's supply chain, and South Korea's 800 trillion won semiconductor investment plan.

Bank of America argues these developments do not signal demand weakness. Meta continues aggressively purchasing HBM, LPDDR5, and enterprise SSDs with strengthening long-term orders, suggesting capacity optimization rather than overcapacity. CXMT faces significant regulatory, technical, and IP hurdles to broadly enter iPhone production. South Korea's chip cluster investment will not materially contribute to supply before 2033. South Korea's semiconductor exports reached $44.8 billion in June, up 199.5% year-over-year. TrendForce expects 2026 Q3 DRAM contract prices to increase 13-18% quarterly, indicating the memory super-cycle remains intact.