Bank of America's outlook on the semiconductor industry: AI investment continues to expand, storage cycle logic may be rewritten.

Bank of America believes that the construction of AI infrastructure is still in its early stages. With the gradual expansion of AI applications from cloud computing vendors to enterprise customers, government agencies, and sovereign AI projects, global AI infrastructure investment is expected to increase from the current approximately $1 trillion to $3-4 trillion by 2030. In this context, the AI data center, storage, semiconductor equipment, and analog chip industries will all see new growth opportunities. Bank of America believes that the storage industry is undergoing structural changes and is poised to break free from the traditional boom and bust cycle. The report points out that factors restricting the expansion of storage capacity currently include not only capital expenditures, but also advanced packaging capabilities, clean room construction, power supply, and geopolitical factors.