Nvidia CEO Huang Says Memory Oversupply Unlikely by 2029, Rebutting Selloff Fears

Nvidia CEO Jensen Huang said Thursday that a memory supply glut is unlikely by 2029, pushing back against a selloff that hammered global memory chip stocks over concerns about overcapacity and weak demand. Speaking during GTC in Germany, Huang said memory's defining trait is that "you can always use more of it." The selloff was triggered last week by a Korean media report citing experts warning that a wave of new capacity could turn the semiconductor market into a "red ocean" by 2029, ending the supercycle. U.S. memory shares fell sharply Thursday: SanDisk dropped 8.51%, SK Hynix 8.07%, Micron 6.23% and the Roundhill Memory ETF (DRAM) 7.08%. Huang said HBM will remain a core component for years and noted Nvidia was first to bring smartphone LPDDR memory into data centers, delivering twice industry-standard efficiency. Despite his remarks, the Nasdaq closed down 2.6% Thursday, with analysts citing geopolitical tensions, Huang's comments on capital shortages constraining AI expansion and Meta's disclosed spending plan. Western Digital reported first-quarter net revenue of $4.38 billion, up 55% year over year, with adjusted EPS of $4.64, both beating estimates.