[Nomura Securities: The global storage industry remains in severe supply shortage, AI-driven structural demand growth has not yet peaked] According to a report by Jinse Finance on July 5, Nomura Securities stated in its latest report that the core issue in the current global storage industry remains a severe supply shortage, and AI-driven structural demand growth has not yet peaked. Recent investor concerns about supply surplus are clearly overblown, and the market's overreaction may provide an opportunity to reassess valuations in the storage sector. Nomura Securities explicitly pointed out in the report that market concerns are greatly exaggerated. The cycle for semiconductor investments to translate into actual production capacity is extremely long. South Korea's investment plan of up to 480 trillion won will take at least 5 to 10 years to convert into actual production capacity. Additionally, the high profitability of HBM (High Bandwidth Memory) is squeezing general storage capacity, leading to a severe supply shortage in the market. Nomura Securities emphasized that Meta's decision is by no means a turning point for reduced AI-related hardware demand. On the contrary, due to the current shortage of computing power, the price of individual tokens is showing an upward trend. The entry of Meta's computing power into the market is expected to stabilize token prices downward. (Jin10)