Memory upcycle: HBM sold out, Micron record, Samsung HBM4E, Apple price hikes, DDR4 comeback, AMAT tools, UBS CFROI structural shift
Key Questions
Why is HBM supply expected to remain tight through 2027?
HBM is sold out through 2027 amid surging AI demand, with Samsung forecasting supply deficits worsening and pricing up 40-60% QoQ.
What record results did Micron report?
Micron posted record Q3 FY2026 revenue with 85% margins and is expanding its Hiroshima HBM fab with Japanese government support, targeting shipments in summer 2028.
What is SK Hynix planning with its US listing?
SK Hynix aims to raise $29B on Nasdaq, larger than the Saudi Aramco IPO, to fund the Yongin cluster and HBM equipment.
How is Samsung positioned in the memory upcycle?
Samsung previews an 1,800% YoY operating profit surge to KRW 89.4T, driven by HBM and memory price increases, with its foundry unit posting its first monthly profit in three years.
What diversification moves are memory makers making?
Micron signed long-term supply deals with Ford and GM to expand beyond hyperscalers, while Apple explores Chinese suppliers like CXMT and YMTC for China-only iPhones.
How are governments supporting memory capacity expansion?
South Korea's president is advancing $576B in mega chip projects, with Samsung and SK Hynix each targeting $260B investments.
What tools and equipment trends support the memory cycle?
Applied Materials launched new DRAM tools, and UBS Holt CFROI data confirms memory stocks as top value creators amid a 345-660% surge in AI infrastructure stocks in H1 2026.
Why has KOSPI been declining ahead of Samsung earnings?
Foreign investors conducted an 11-day sell-off in Korean tech stocks due to de-risking and leverage concerns ahead of Samsung's AI-driven earnings.
HBM sold out through 2027; Micron Q3 FY2026 record revenue, 85% margin. Micron breaks ground on ¥1.5T Hiroshima HBM fab with ¥500B Japanese govt support, shipments summer 2028. Micron signs long-term supply agreements with Ford and GM, diversifying revenue beyond hyperscaler AI. SK Hynix plans $29B US listing on Nasdaq (July 9 pricing)—bigger than Saudi Aramco IPO, proceeds for Yongin cluster and HBM equipment. Samsung Q2 preview: 1,800% YoY profit surge (KRW 89.4T operating profit, 171T sales), HBM pricing up 40-60% QoQ, supply deficits worsening into 2027. Samsung chip division on track to beat 40 years of cumulative profit in a single year—19x quarterly profit surge, passing Nvidia as most profitable tech firm. Samsung raises DDR4 prices 19% in a month on Intel demand, confirming DDR4 comeback. Samsung Foundry posts first monthly profit in 3 years on 4nm HBM base die utilization. KOSPI plunges on 11-day foreign sell-off ahead of Samsung's AI earnings—foreign de-risking in Asian tech, leverage risks. Apple exploring Chinese memory chip suppliers (CXMT/YMTC) for China-only iPhones to offset 271% memory cost surge—bold supply chain hedge despite Entity List risks. DDR4 comeback. AMAT new DRAM tools. UBS Holt CFROI confirms memory stocks top value creators. AI infrastructure stocks surged 345-660% in H1 2026. South Korea president pushes $576B mega chip projects (Samsung/SK Hynix $260B each). Dan Ives calls memory stocks the 'epicenter' of AI demand. Samsung and SK Hynix reportedly seek China-free chip tool supply chains to preempt tighter US export controls.