AI is increasingly becoming a data-movement problem, not just a compute problem. HBM demand remains strong, while AI servers are also driving significant demand for high-performance SSDs and NAND. Tight supply and improving pricing could provide additional operating leverage.
Micron is particularly interesting because it has exposure across HBM4, conventional server DRAM and enterprise SSDs, giving it multiple ways to benefit as AI infrastructure scales.
Power could ultimately become the biggest bottleneck, but power-generation and grid projects generally have longer lead times. Chips remain attractive, but valuations and expectations are already high across several AI leaders.
For the next six months, my ranking would be:
Memory/Storage > Chips > Power > Compute.
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- sunshineboy·08-19 12:42My bias is still memory first, but I care more about how much of the next two years' earnings rebound is already priced in. In cycle terms this feels mid-upturn, not early.LikeReport
- BartonBecky·08-19 12:42HBM4 is the swing factor here. If Micron keeps improving stack yields, margins could beat guide over the next few quarters.1Report