Morgan Stanley's team identifies hyperscale capex, LLM intensity, funding, and Annual Revenue Run Rate (ARR) as key drivers for constructive AI spend. The firm forecasts DRAM contract pricing to peak in Q4 2026, with the memory cycle expected to elongate rather than collapse. China's YMTC is building Fab4 and Fab5, each with ~100kwpm capacity, potentially elevating its global NAND market share to 24% by dedicating all five announced fabs to NAND.