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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 12 to 15.Analyst Certification on page 10.Price Objective Basis/Risk on page 9.12852799 China Semis Supply Chain Stacked DRAM for edge AI introduced;IC and semis equipment demand robust in 2Q Industry Overview Stacked DRAM for edge AI introduced,but NOR

4、 flash weak China chip designer,Rockchip,introduced its RK182X edge AI NPU co-processor on 17th July which are supported by 2.5GB/5GB“embedded high-bandwidth”memories.We see this as first commercialized stack DRAM solution for edge AI applications an emerging application for DRAM vs existing HBMs by

5、 Samsung/Hynix/Micron supporting AI training and inferencing.This could be a long-term revenue growth driver for Taiwan and China DRAM suppliers,such as Nanya Tech,Winbond,Ingenic,etc,while more end-applications(PC/smartphone/robot,etc)should be introduced in 2026 so that revenue contribution in 202

6、5 will likely be limited.In the specialty memory area,the NOR flash price weakness continued in 2Q25 unit ASP decreased 19%/16%YoY,respectively,in Apr/May.This could prevent an immediate sales/profit recovery for NOR flash suppliers,i.e.Winbond and Macronix.In comparison,we maintain Buy on Nanya Tec