Micron Technology and SanDisk are riding a real structural cycle, not a typical memory bounce. AI servers are massively increasing HBM, DRAM and NAND intensity per rack, while supply remains tight.
My view on the memory supercycle:
• Still early-mid innings, not peak euphoria
• 2027 supply response is the key risk
• Until then, pricing power stays with suppliers
Can Micron hit US$1,000?
Possible, but aggressive.
• Base case: US$750 to US$850
• Bull case: US$1,000+ if HBM shortages persist and margins keep expanding
• Risk: Samsung / SK Hynix ramps faster than expected, compressing ASPs
Bottom line:
AI needs compute, but compute needs memory first.
That makes memory the hottest picks-and-shovels trade in AI infrastructure today.
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