AI is changing memory demand, but not every segment benefits equally. HBM and server DRAM remain closely tied to AI infrastructure, with rising memory content per server helping support pricing.
NAND is different. Enterprise SSD demand is strong, but NAND still has greater exposure to consumer electronics. If new capacity ramps faster than demand, NAND pricing could weaken earlier.
That’s why I wouldn’t ask whether the entire memory cycle has peaked. The more important question is which segment turns first.
Burry’s warning still matters: high margins eventually attract supply. But timing is everything.
For MU, SNDK and SKHY, I’d watch pricing, inventories and 2027 capacity growth closely.
The memory trade may not be simply bullish or bearish—it could become a game of segment divergence and cycle timing.
@Tiger_comments [龇牙]
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