The memory chip supercycle, in two charts.
Memory has long been treated as the commodity end of the semiconductor industry.
📈 Revenue: In the latest quarter, Samsung's memory division booked $80.5B in sales, SK hynix $52.8B and Micron $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 at 67.6%, with SK hynix at 81.4%.