Micron, SNDK all time high: Will AI memory super cycle run further?
Yes — the AI memory super cycle still looks alive, and right now the market believes this cycle may last much longer than previous DRAM/NAND booms.
The biggest reason:
AI is changing memory from a “commodity” into critical infrastructure.
For years, memory stocks like Micron and SanDisk were classic boom-bust trades:
~ oversupply → price collapse,
~ weak margins,
~ brutal stock crashes.
But AI servers changed the equation because advanced AI systems now require:
~massive HBM (High Bandwidth Memory),
~ultra-fast SSD storage,
~huge memory bandwidth,
~and increasingly complex memory architectures.
Micron already said its 2026 HBM4 supply is essentially sold out.
The biggest risks:
~memory historically ALWAYS overbuilds eventually,
~Samsung/SK Hynix/Micron capex could create future oversupply,
~hyperscaler AI spending may slow,
~and valuations are becoming extreme after huge rallies.
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