Nomura: AI Lab Concerns vs. Memory Fundamentals → Remains bullish on memory, expecting supply constraints to persist through at least 2028. Views market concerns around CXMT's 4F² transition as excessive. → OpenAI + Anthropic combined revenue estimated to grow +507% YoY in 3Q26, despite recent sequential growth concerns. → Argues AI revenue deceleration is partly distorted by reporting differences, customer migration and seasonality, rather than deteriorating underlying demand. → 4Q26 revenue hurdle: Combined OpenAI/Anthropic revenue needs to reach $43.9bn (+61% QoQ) to meet market expectations, versus $29.7bn at unchanged September run rates. → AI profitability underestimated: AWS, Microsoft Intelligent Cloud and Google Cloud reported operating margins of ~39%, 41% and 36%, respectively. Nomura estimates ~60% EBITDA margins across these cloud businesses. → Anthropic reportedly reached adjusted operating profitability in 3Q26, following an adjusted operating profit in 2Q26. Nomura expects further operating leverage as revenue scales. → Cash flow ≠ profitability: Rapid infrastructure investment creates a timing mismatch between upfront compute spending and subsequent revenue generation, potentially exaggerating concerns over AI economics. → Memory demand extends beyond AI labs: Nomura estimates OpenAI and Anthropic account for only ~5GW of the 29GW global AI installed capacity expected by YE26.