Guotai Asset Management flags AI memory spend shifting to scale-up compute as HBM configs shrink

• Guotai Asset Management flagged a sharp pullback in China’s semiconductor sector on Aug. 3 as investor risk appetite weakened on lower turnover.
• It cited SemiAnalysis research suggesting Nvidia’s Ultra chips may cut HBM to 8-Hi, 192GB HBM4, potentially trimming long-term memory demand.
• Guotai said reduced HBM content could shift system spending toward scale-up interconnect and compute chips, driving divergence between telecom and chip equipment stocks.
• It expects AI capex to stay resilient, projecting global cloud capex of USD 1.5 trillion in 2027, led by Amazon, Microsoft, Google, Meta near USD 1 trillion.
• Memory expansion remains the key incremental driver for semiconductor equipment, though Guotai warned the memory demand margin is weakening, sustaining volatility risk.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Guotai Asset Management Co. Ltd. published the original content used to generate this news brief on August 04, 2026, and is solely responsible for the information contained therein.