B. I think 3D-NAND may be entering a cooling phase, but DRAM and especially HBM still have stronger structural support from AI data-centre demand. The bigger risk for Micron is whether weaker NAND pricing eventually spreads into conventional DRAM expectations. I would watch memory pricing, inventory levels and 2027 capacity additions closely before calling this a broader cycle peak.
Micron Reclaims $1 Trillion Market Cap — Memory Rebound or Reversal?
Memory ran hard. $MU +4.92%, SK Hynix +9.01%, $SNDK +5.76%, $SOXL +6.89%. The bull case has three legs: risk appetite after CPI, Micron management saying AI memory tightness can run past 2027 — which had UBS calling a structural reset in through-cycle profitability — and the sell side following it up. The bear case is supply and guidance: CXMT is adding capacity, and SanDisk and Western Digital both fell two sessions after beating, on outlook. Same chips, opposite conclusions — the argument isn't demand any more, it's who gets to set the price.
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