To The Moon

No, I would not say the memory supercycle is over. In fact, the latest data suggest we are still in the strong part of the cycle, although the risk/reward has changed dramatically because memory stocks have already run so far. My view: the supercycle is alive, but we’re entering the “late-cycle / valuation” phase The biggest evidence is supply-demand: * Gartner forecasts memory revenue of $837B in 2026, up enormously from 2025, with another increase to over $1T in 2027. It expects DRAM revenue to rise 246.6% and NAND 371.9% in 2026. * Omdia says AI demand is still exceeding available DRAM/HBM/NAND supply and expects bottlenecks to persist into 2027. * Recent industry commentary says DRAM and NAND remain undersupplied, potentially through 2027. * SK hynix itself describes 2026 as an HBM-led