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.