MEMORY COULD STOP BEING A CYCLICAL STOCK -$MU still trades like a cyclical at a 6-10 PE, but he thinks it can rerate to a structural multiple of 15-20x -@MichaelSikand analogy: oil for lamps vs oil for automobiles. Same product, completely different setup -Says the run was healthy, not stretched, if you actually understand the memory trade

Memory market update: - Counterpoint forecast a 20% QoQ increase for DRAM. - Trendforce are more conservative at 13-18% for conventional DRAM and 10-15% for NAND. - Morgan Stanley raised Q3 PC DRAM forecast to 15-20% increases QoQ from 3-8%. These aren't perfectly comparable baskets but the main conclusion is that tightness still persists. SK Hynix CEO and Chairman both confirmed supply tightness post-US IPO, potentially into the 2030s. - Samsung is reportedly seeking a Q3 DRAM ASP increase of up to 20% QoQ, with LPDDR increases potentially exceeding 20%. That would be their third consecutive quarterly hike after +90% in Q1 and +60% in Q2. This is above TrendForce's forecast but if price increases stick, $MU and SK hynix would likely follow. - TrendForce expects Q3 server DRAM contract prices to rise 13-18%. Multi year supply agreements limit price increases for some large volume US cloud customers. Which means customers without LTAs and incremental volumes sold outside those agreements would absorb the largest hikes. - SK hynix reportedly plan to scrap price caps in its new LTAs so that spot upside flows straight through, while $MU's SCAs carry floors and ceilings. - TrendForce estimates HBM will consume 22% of the top three suppliers' DRAM wafer input in 2026 while producing only 9% of DRAM bits. Those figures rise to 30% & 13% in 2027. This disproportionate wafer consumption is the main structural reason why conventional / server DRAM can remain scarce, even as capex increases. - On HBM4 itself, 2027 contract negotiations land around Q4'26 and Digitimes model HBM4 moving from ~$2/Gb in 2H26 toward $4-5/Gb next year. - Morgan Stanley suggest NAND remains undersupplied through 2027. - TrendForce expects mature SLC NAND pricing to rise 120-170% in 2H26, driven by shrinking mature-node capacity & MLC -> SLC migration. Positive read-through for $SNDK, Kioxia and $MU, while $SIMO offers controller leverage. - Worth noting Kioxia has filed for a US ADS listing, and $SNDK has raised NAND product pricing double digits while extending the JV with Kioxia to 2034. - $MU also recently broke ground on a ¥1.5 trillion Hiroshima expansion, targeting advanced DRAM & HBM shipments around summer 2028.

Memory stocks are being challenged, and margin-call carnage in S. Korea has U.S. investors nervous. The Iran situation is still unresolved. Is this noise or opportunity? @fundstrat's Tom Lee and @MarkNewtonCMT go live today at 2pm ET to break it all down.👇

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MEMORY SALES HIT RECORD $74.6B AS AI DEMAND SURGES Global memory sales jumped 31.7% month-on-month to a record $74.6 billion, driven by strong AI demand. NAND surged 40.7% to $25.8 billion, while DRAM reached $48 billion. UBS expects sharp price increases and supply shortages through mid-2028. Micron, Samsung, SK Hynix, and SanDisk could benefit most. Bernstein remains bullish near term but expects price growth to slow as consumer demand weakens.

Memory usually gets locked to whatever model you started with. Switch providers and it stays behind. Walrus Memory runs everywhere you already build: @AnthropicAI Claude, @OpenAI ChatGPT, and @Google Gemini, with native MCP support and SDKs for Python, TypeScript, and JavaScript. It’s open source too. 👀🦭

Memory price hikes have finally started hitting Apple. Today, they raised some base prices: Macbook Neo: $599 -> $699 Macbook Air: $1099 -> $1299 Macbook Pro: $1699 -> $1999 Mac Studio: $1999 -> $2499 iPad Air $599 - $749 iPad Pro: $999 -> $1199