• Turning positive on DRAM sector after prior bearish notes on July 3.
• DRAM solid: We believe the US hyperscaler inventories low and likely to be lowered further. Blended DRAM px expected ~10% QoQ in 4Q26 (vs high-teens in 3Q26).
• NAND soft: High-teen QoQ pricing in 3Q26, then softening to low single-digit in 4Q26 on weaker mobile demand + elevated inventories.
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