News

Although the report indicates that the adjustment is driven by supply constraints from the three major original storage manufacturers, it has nevertheless sparked investor concerns about "AI storage demand peaking." On June 5, storage sector stocks in the US market, such as Micron, SanDisk, Western Digital, and Seagate, mostly declined. Based on analysis of relevant reports, we believe: 1) The downgrading of configurations is essentially a "result" of supply-side hard constraints on original manufacturer capacity allocation, not a "cause" of weakening computing power demand. If downgrading occurs, it will directly result in an estimated global DRAM demand decrease of approximately 1.6% in 2026 and 4.2% in 2027; 2) If the downgrading is confirmed, we still expect the storage supply-demand gap in 2027 to be around -7% before downgrading and around -3% after downgrading, with the upward cycle in storage remaining unchanged; 3) We believe the short-term pullback presents a good opportunity for crowded trades to rebalance.

In June, Wenchang has scheduled five launch missions, with several private rockets set for their maiden flights soon. The rocket supply side is gradually becoming more diversified, combined with improved launch service support capabilities, which may accelerate the progress of the commercial space industry. SpaceX is about to go public and is expected to be included rapidly in the Nasdaq, leading the sector to a potential revaluation. Multiple major new products were unveiled at Computex, with cloud development moving towards rack-level solutions and edge deployment accelerating further. NVIDIA and Intel released rack-level products; NVIDIA also introduced AIPC chips and several physical AI updates for edge applications, expanding comprehensively around autonomous driving and embodied intelligence.

Golden Ten Data reported on June 9 that MSCI stated on June 8 local time that it plans to apply the standard approach for large IPOs to SpaceX's IPO. MSCI said that SpaceX must meet the eligibility rules for index constituents before being considered for early inclusion in the index. The decision regarding early inclusion will take effect at the close of trading on the tenth trading day.