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Open original source ↗JPMorgan vs ME on memory.
✅ JPMorgan sees memory short ~20% in 2026, ~19% in 2027, ~15% in 2028.
✅ Over 75% of Micron's fiscal 2027 output is already committed, per JPMorgan.
➡️ That's the bull case. Tight for years.
😇 I'm bearish memory and the memory cycle.
😇 I think 2026 is the year that memories peaked out
➡️ Why? Supply. Chinese DRAM keeps gaining share.
✅ CXMT already had ~10% of global DRAM revenue in Q2.
➡️ & costlier US fabs come online on top of that.
✅ Even JPMorgan says memory costs are squeezing PCs.
➡️ High prices kill demand. That's how a cycle peaks.
🚨 JPMorgan likes $MU & $SNDK, and Micron has years of contracts signed.