Fiona Yang

speaker

268 appearances 1 recordings 1 series first heard Jul 2026 last heard 20 Jul

Fiona Yang’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Merryn Talks Money · Is Asia's AI Boom Creating the Next Investment Bubble? · 20 Jul 2026 podcast

expectation of earnings growth is super high to the degree that even fantastic earnings cycle cannot meet that expectation that also result in share price volatility that we have seen from the peak.

Maybe it's best just to take a step back to look at how we ended up here.

Rewind the tape like two, three years ago, what happened to the memory industry was actually we were in a down cycle.

If you look at NAND, which is sort of NAND flash, that is in deep loss making.

As a result, even though the industry only have a few producers of NAND, none of them was really expanding their capacity aggressively.

Similar for DRAM, which is the other type of memory that goes into all these AI products these days.

Same, they have gone through this commodity super up and down cycle in the prior data center cloud build out era.

And the profitability has deteriorated very quickly.

For a company like SK Hynix, they have to really go to the market to raise convertible bonds because their balance sheet was in deep trouble.

They were super leveraged.

So they were not in a position to expand CapEx.

All of this moving to where we are today is we had this period of underinvestment by the major players in the memory markets.

And on the other side of demand, we suddenly have AI.

We have agentic AI that just need a lot of memory

to really recall the conversation that you had with ChatGPT, with Anthropic, with Claude, so they can help you to do the task better from this point on.

So that demand surge is unexpected from what all these investors, as well as memory producers' perspective, even 12 months back.

That's why we ended up with this

Shortage in supply because underinvestment over the past couple of years, as well as this sudden surge in demand.

So what has happened is really this shortage has just driven the prices of the exactly the same products up phenomenally over the past few years.

Then the question is about when, how long this cycle could last.

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