Bank of America outlook for the semiconductor industry: AI investment continues to expand, and the logic of the storage cycle may be rewritten

Glonghui, June 2 — Bank of America believes that AI infrastructure construction is still in its early stages. As AI applications gradually expand from cloud computing providers to enterprise customers, government institutions, and sovereign AI projects, the global scale of investment in AI infrastructure is expected to grow from the current approximately $1 trillion to $3–4 trillion by 2030. Against this backdrop, AI data centers, memory, semiconductor equipment, and analog chip industries will all see new growth opportunities. Bank of America notes that the storage sector is undergoing structural changes and is likely to break free from the traditional cycles of “sharp rises and falls.” According to the report, factors currently restricting the expansion of storage capacity include not only capital expenditures, but also advanced packaging capabilities, cleanroom construction, power supply, and geopolitical factors.