Memory supercycle driven by AI servers and HBM capacity
DRAM and HBM margins expand as AI pulls wafer capacity away from commodity memory
Leading memory makers are posting record DRAM profitability as HBM, conventional DRAM, and NAND pricing strengthen, while AI server builds increase both capacity and bandwidth needs and HBM production competes for the same fab resources as standard DRAM.
| Instrument | Side | Target | Reason |
|---|---|---|---|
| MU | Long | We believe extreme DDR5 price inflation and structurally higher AI memory content per server create a multi-quarter earnings tailwind for U.S.-listed memory leaders with HBM exposure and scale manufacturing. |
SK Hynix U.S. listing improves access to a top HBM franchise
SK Hynix is expected to begin Nasdaq trading under SKHY around July 10, 2026, following a large offering aimed at funding new fabs and equipment, at a time when sell-side estimates point to exceptionally high DRAM gross margins driven by the memory upcycle.
Storage vendors benefit from elevated NAND pricing with early signs of softening
Disk and NAND suppliers are still earning from prices well above prior-year levels as AI infrastructure buildouts lift storage demand, though NAND has begun to soften modestly relative to DRAM.
| Instrument | Side | Target | Reason |
|---|---|---|---|
| STX | Long | We believe enterprise and cloud storage upgrades tied to AI data pipelines can keep near-term pricing and utilization supportive for large-cap HDD and hybrid storage vendors even as NAND normalizes. |
Themes
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