Woofun AI notes that Nomura Securities’ team asserts it is premature to declare chip stocks have peaked, identifying two drivers for continued upward momentum. First, hyperscale data center operators will maintain investment levels through 2027 due to rising storage chip costs. Second, data center construction plans are accelerating. While characterizing recent price pullbacks as "healthy," the team warns that the market has not yet fully digested potential future risks and supply shortages.