<div id="readability-page-1"><div>By Jason Chau Nintendo's shares have slid more than 10% over the past week. Analysts say worries about rising memory-chip prices are to blame. The videogame maker's stock closed in the red again Thursday, extending a losing streak that has shaved off more than $12 billion off its market value and pushed shares to seven-month lows. The declines come as industry experts flag headwinds from surging prices of memory chips, a core part of gaming consoles. Market intelligence firm TrendForce expects that to swell costs for console makers like Nintendo, Sony and Microsoft. In a recent report, TrendForce said the chip issue is why Nintendo's Switch 2 is more expensive than its predecessor, as the latest version of the console has double the memory capacity, driving up component costs. Prices for Microsoft's Xbox were recently adjusted too. TrendForce estimates that memory modules will comprise up to 21%-23% of Nintendo's total hardware costs in 2026. Prices of memory chips have been on the rise due to the artificial-intelligence boom, which has been drawing down existing supplies. That is making life difficult for gaming console companies, said Pelham Smithers, head of U.K.-based Japanese equity research firm Pelham Smithers Associates. As AI demand keeps growing, memory prices are unlikely to come down soon, analysts say. Memory prices are likely to stay high at least through the next year and into 2027, investment research firm Morningstar said in a note. &#34;The shortage of conventional memory is becoming increasingly severe as suppliers redirect their resources toward high-bandwidth memory for artificial intelligence,&#34; Morningstar director Kazunori Ito said. That will inevitably affect Nintendo's short-term profitability, he added. The fact that the Switch 2 was released recently puts Nintento at a disadvantage compared with peers that have a more established installation base, preventing it from hiking prices to cover memory costs, said Smithers. He expects prices for dynamic random access memory--a type of semiconductor--to weigh on the Japanese company significantly in the second half of 2026. The Japanese company behind the &#34;Super Mario&#34; and &#34;The Legend of Zelda&#34; game series said last month that it remains confident about the profitability of the Switch 2, even with more expensive components. &#34;Barring major external changes such as shifts in tariff assumptions or other unforeseen circumstances, we believe we can maintain the current level of hardware profitability for the time being,&#34; Nintendo President Shuntaro Furukawa said in November, citing the company's cost-cutting strategy. Ito said that memory shortages are unlikely to hinder Nintendo's console production or hurt shipments, and maintained his margin assumptions over the medium term. Analysts say it will be key to watch how much further memory prices go. &#34;The issue with Nintendo isn't necessarily whether it can handle what is happening now. The problem is what happens if it gets worse,&#34; said Smithers. Write to Jason Chau at jason.chau@wsj.com (END) Dow Jones Newswires12-11-25 0459ET</div></div>

任天堂

任天堂(ADR)

任天堂的股价在一周内下跌超过 10%，市值损失 120 亿美元，原因是内存芯片成本上升。分析师警告称，由于人工智能需求推动芯片价格上涨，这将影响任天堂的盈利能力。Switch 2 的更高内存容量增加了成本，影响了定价策略。尽管面临挑战，任天堂仍对维持硬件盈利能力充满信心。内存短缺不会阻碍生产，但进一步的价格上涨可能带来风险

由于对芯片成本飙升的担忧，任天堂市值损失数十亿美元