Memory is being modeled as a $1.6 trillion market by 2028, and almost all of the profit still sits with three names. Bloomberg and Bernstein consensus put combined supplier revenue at about $1.0 trillion in calendar 2026, $1.5 trillion in 2027, and $1.6 trillion in 2028. Operating profit climbs faster: about $0.8 trillion, then $1.2 trillion, then $1.3 trillion. The stack stays concentrated. Samsung Memory, SK Hynix and Micron take the large majority of both revenue and profit in each year. SanDisk, Kioxia, CXMT and YMTC are the smaller slices. The gap between the top three and the rest stays wide through 2028. Profit growing faster than sales is the tell. Consensus is pricing sustained pricing power and high utilization, not a fast return to oversupply. The jump is sharpest from 2026 to 2027. After that the gains slow. These numbers were out before Micron’s fiscal 2026 print. That print later showed record quarter and full-year sales on AI demand, with management saying tightness runs into 2027 and 2028. $SKHY $MU $SNDK