[Royal Bank of Canada: The "storage shortage" is expected to last until 2027, with HBM prices doubling next year] On October 27, Royal Bank of Canada Capital Markets (RBC Capital) recently released a research report stating that as demand for artificial intelligence (AI) continues to exceed supply, rising high-bandwidth memory (HBM) prices are expected to support the overall DRAM average selling price (ASP), and SK Hynix will continue to benefit from the upward cycle of memory chips. RBC predicts that SK Hynix's third-quarter results will be slightly higher than market consensus expectations, with revenue expected to reach 101.2 trillion won, and adjusted earnings per American Depository Receipt (ADR) of 8,917 won (approximately US$6.72). Strong pricing power is expected to offset the negative factors caused by exchange rates: DRAM contract prices increased by 20% month-on-month in the third quarter, and may increase by another 15% in the fourth quarter. RBC believes that the DRAM upcycle will continue for another five quarters on the basis of 14 quarters, and the supply shortage is expected to continue until 2027. The report also pointed out that HBM prices may increase by 80% to 100% in 2027, which will support the overall DRAM average selling price. RBC reiterated its "outperform" rating on SK Hynix with a price target of $200, about 40% higher than the stock's latest closing price.