Morgan Stanley: The sell-off of US memory stocks is a healthy reset, not a turning point in the cycle

Morgan Stanley analysts refer to the recent sell-off of US memory stocks as a 'healthy reset' and believe that this is not a turning point in the memory cycle. Morgan Stanley expects DRAM prices to continue rising by more than 20% -30% month on month in the third quarter of 2026. This judgment points to some channels and product categories, and cannot be simply equated with the official contract price of server DRAM in the entire industry.