Huang Calls 2029 Memory Glut Unlikely at GTC Berlin as Stocks Slide

Nvidia CEO Jensen Huang pushed back on forecasts of a memory oversupply by 2029, saying at the GTC conference in Berlin that the likelihood is low and that 'you can always use more' memory as HBM and LPDDR demand from AI workloads continues. The selloff that prompted his remarks was triggered by a South Korean media column citing two experts warning the memory market could become a 'red ocean' by 2029, combined with China's CXMT announcing next-generation DRAM design technology. U.S.-listed memory stocks fell sharply: SanDisk dropped 8.51%, SK Hynix fell 8.07%, and Seagate dropped 7.86%. The Philadelphia Semiconductor Index is on its longest losing streak since 2008. UBS called the 19% decline in memory stocks a buying opportunity, citing strong HBM4 and DDR5 demand through 2027 driven by AI agents. Bloomberg Intelligence projects HBM shipments growing from roughly 2.5 billion GB in 2025 to nearly 18 billion GB by 2030, with average selling prices rising from about $13/GB to about $35/GB.