Carlos Perez argues agentic AI will break historical memory cycles, challenging JPMorgan's forecast of a 2026 price deceleration

JP Morgan Research: DRAM and NAND average selling price changes start hitting the brakes around late 2026 to early 2027. AI has hugely changed the demand story in 2025-26 for high-bandwidth memory and advanced servers, but it has not changed the basic physics of the memory business. Memory prices rose sharply when supply is tight, inventories are lean, and buyers are forced to secure capacity before someone else does. That pressure can look permanent near the top of the cycle because every customer sounds urgent and every supplier seems disciplined. Then the delayed response arrives: new capacity, technology migrations, customer digestion, and a slower rate of price increases even before absolute prices start falling. Do not confuse a stronger cycle with the end of cyclicality.