The memory chip supercycle, in two charts.
Memory has long been treated as the commodity end of the semiconductor industry. The latest numbers suggest that's changing.
📈 Revenue: In the latest quarter, Samsung's memory division booked $80.5B in sales, SK hynix
$SK海力士(SKHY)$ $52.8B and Micron
$美光科技(MU)$ $41.5B. All three are well above any level since 2016.
💰 Margins: Micron's EBITDA margin went from –8.9% at its 2022–23 low to 86.1% in its latest quarter. That puts it ahead of Nvidia
$英偉達(NVDA)$ at 67.6%, with SK hynix at 81.4%.
In memory, higher prices go almost straight to the bottom line. That works in both directions, and right now it's working in the sector's favour.
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