野村全球市场研究亚太经济团队提出"芯片通胀"（Chipflation）概念：AI数据中心的大规模建设使半导体厂商优先生产高毛利的AI芯片（尤其是高带宽存储HBM），挤占用于电脑和智能手机的传统存储产能，从而推高消费电子产品价格，同时数据中心用电需求也带来电价上行压力。报告指出，在经历近两年通缩后，亚洲消费电子通胀已转为正增长并持续加速，涨幅高于美国和欧元区；其中韩国涨幅最大，台湾、泰国、印尼次之。分品类看，电脑、笔记本和平板的累计涨幅明显大于手机，因其存储成本占比更高，且手机厂商更能通过采购安排和融资方案缓冲成本。由于消费电子在CPI篮子中权重较小，对整体通胀的直接拉动目前仍属可控，台湾、印尼和韩国最为敏感。野村芯片短缺指数升至历史高位，预示芯片相关投入成本压力和下游进一步涨价仍将延续；叠加能源与食品价格上涨，亚洲商品通胀更趋持久的风险上升，并可能外溢至家电、汽车等其他芯片密集型产品。
Nomura's Asia ex-Japan economics team introduces "Chipflation": the massive buildout of AI data centres has led semiconductor makers to prioritise higher-margin AI chips, particularly high-bandwidth memory, diverting capacity away from conventional memory used in PCs and smartphones and pushing up consumer electronics prices, while data-centre power demand adds to electricity price pressures. After almost two years of deflation, Asia's consumer electronics inflation has turned positive and accelerated, outpacing both the US and the euro area, with South Korea recording the largest increase, followed by Taiwan, Thailand and Indonesia. Computers, laptops and tablets have seen steeper price gains than mobile handsets given their greater memory cost exposure, though smartphone prices are also likely to rise as inventories deplete. Because consumer electronics carry a small CPI weight, the direct contribution to headline inflation remains modest, with Taiwan, Indonesia and South Korea most