Deloitte projects that the three largest memory chip manufacturers will account for a combined 56% of capital expenditure (capex) across a basket of major semiconductor companies by 2027, up from just 35% in 2024. Total capex across the larger group is projected to more than double, from $123 billion in 2024 to $260 billion by 2027. Surging spending is unlikely to bring near-term relief to the current memory chip supply shortage, with Deloitte forecasting that scarcity could persist into 2029.