Surging hyperscaler investment in artificial intelligence and the transition to HBM4 could push the global memory-chip market into its tightest supply conditions on record, KB Securities said. Hyperscalers have raised planned AI infrastructure spending for next year to $1.3 trillion, up 60% from this year. Inventories at Samsung Electronics and SK hynix had fallen below 10 days by the third quarter, according to Kim Dong-won, head of research at KB Securities, who said available memory supply could become critically limited and potentially run out next year. KB Securities expects memory chips to represent 40% of AI infrastructure investment in 2026, up from 14% in 2025, and 57% in 2027. TrendForce forecasts an even larger 68% share next year. The move to HBM4 is a key supply risk because the next-generation high-bandwidth memory requires about three times the wafer capacity of conventional DRAM, leaving less capacity for standard memory products. KB Securities also said recent declines in Samsung Electronics and SK hynix shares were excessive, noting that the stocks had fallen 38% from their respective peaks over three months and traded at price-to-earnings ratios of about three based on next year’s projected earnings. Earlier commentary by Serenity, known as the white-haired stock market guru, linked the supply outlook to an optimistic view for the KOSPI and related shares including Micron and SanDisk through 2027.