Macquarie analysts said in the research report that demand for artificial intelligence infrastructure should continue to exceed supply in 2026. Analysts believe “we are still in the middle to early stages of an unusually long semiconductor upturn, driven by AI spending,” adding that this upward cycle is likely to continue until at least 2027. They pointed out that the entire semiconductor supply chain should benefit from this long cycle; however, due to severe supply shortages and more intense price fluctuations, memory chips will benefit most significantly in 2026.

Macquarie analysts said in the research report that demand for artificial intelligence infrastructure should continue to exceed supply in 2026. Analysts believe “we are still in the middle to early stages of an unusually long semiconductor upturn, driven by AI spending,” adding that this upward cycle is likely to continue until at least 2027. They pointed out that the entire semiconductor supply chain should benefit from this long cycle; however, due to severe supply shortages and more intense price fluctuations, memory chips will benefit most significantly in 2026.