I’m also paying close attention to how companies use their cash. SK hynix’s huge buyback is a strong confidence signal, while Micron’s heavy reinvestment suggests management still sees attractive long-term demand. Buybacks aren’t a guaranteed price floor, but they show these companies are generating serious cash.
The biggest risk is that ~85% gross margins create very high expectations. I’ll be watching DRAM pricing, Micron’s September earnings and the potential NAND surplus in 2027. I’m still bullish on memory, but I’d rather accumulate quality names on pullbacks than chase the rally.
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- twiddly·09-02 17:33TOPHBM capacity pull is the part I care about most here. If that stays tight, DRAM pricing probably has more room than people think1Report