Macquarie analysts stated in a research report that demand for AI infrastructure is expected to continue to outpace supply in 2026. The analysts believe that “driven by AI spending, we remain in the early to mid-stage of an unusually long semiconductor upswing,” adding that this upswing could last at least until 2027. They noted that the entire semiconductor supply chain should benefit from this extended cycle; however, memory chips are expected to benefit the most in 2026 due to severe supply shortages and more pronounced price volatility.