$Micron Technology(MU)$ The memory giants have essentially shifted from cyclical “commodity names” to trillion-dollar infrastructure pillars.
Combined market cap in 2016: around $254B
Combined in 2026: around $4.1T
Samsung: $204B → $1.5T
SK Hynix: $26.2B → $1.3T
Micron: $24.1B → $1.3T
What's changed isn't just scale… it's their positioning in the AI stack. Memory is no longer just a cost center; it's become a bottlenecked input for every AI system being built.
And when supply becomes structurally tight, pricing power doesn't behave like a normal cycle anymore.
People still talk about semis as if it's the old-cycle cyclicality. The market is clearly pricing something very different.
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