This quote stood out to me: “E

This quote stood out to me: “Even with these wafer additions, DRAM is expected to remain undersupplied through 2028.”

If that ends up being right, this isn’t just a normal cycle anymore—it starts to look like a multi-year scarcity setup.

What’s interesting is how the market is still pricing this like peak-cycle earnings, not structural tightness.

$Micron Technology(MU)$ is potentially trading around ~3x 2028 earnings, with SK Hynix and Samsung possibly even cheaper.

And that’s before any buybacks or capital return even matter.

It feels like the market is still anchored to old cycle thinking while the fundamentals are shifting longer-term.

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