Summary: Bullish on memory sector (MU, SNDK, SK Hynix, Kioxia) as Q2 price surge across all product families signals durable shortage-driven repricing, especially in server DRAM and HBM.

$MU $SNDK Sk Hynix Kioxia

Every Memory Product Just Repriced Higher

*Sigmaintell's Q2 numbers show the shortage spreading from HBM down into the cheapest consumer parts.

Sigmaintell published its Q2 2026 memory price trend on the 22nd, every product family on the sheet went up, and the cheapest parts went up the most.

Here is the forecast versus Q1, straight off the sheet:

- DDR4 16Gb (2GB): +49%
- DDR4 16GB module: +51%
- LPDDR4X 32Gb (4GB): +75%
- LPDDR5X 96Gb (12GB): +89%
- eMMC 16GB: +69%
- UFS 256GB: +103%
- SSD 512GB PCIe 4.0: +54%
- uMCP 256GB+64Gb: +107%

The steepest increases are not the high-end server lines. They are the consumer mobile and storage lines. uMCP at +107% and UFS at +103% lead the entire sheet.

That looks backwards until you see what is causing it.

Wafer capacity is being pulled toward the highest-margin products first: HBM, then server DRAM, then enterprise SSD.

Everything below that in the value stack is left fighting over the scraps. When the top of the stack takes the wafers, the bottom of the stack takes the price shock.

The consumer is paying for the AI buildout whether or not the consumer is buying anything AI.

LPDDR is the cleanest tell on the sheet. Sigmaintell has LPDDR5X up 89% and ties part of that to LPDDR moving into next-generation server platforms, including Nvidia's Vera Rubin generation.

NAND tells the same story in a different dialect. SSD up roughly 50%, UFS up to 100%, and the cheapest parts, eMMC, getting starved as suppliers point capacity at enterprise SSD instead.

HBM sits above all of it, priced on annual contracts, so on a quarter-over-quarter sheet it looks calm.

Server DRAM rose across the board. Distribution inventory is reportedly down to two to three weeks.

Cloud buyers are taking everything available and signing long-term agreements to lock allocation, which is exactly the behavior you see when buyers are more afraid of not having the part than of overpaying for it.

Sigmaintell flags that the pace can moderate in the second half.

Some phone and PC brands are already trimming memory orders because the cost is breaking their bill of materials. Low-end demand slows first. If buyers stop purchasing the cheapest phones because those phones got expensive, the +107% uMCP line does not print again next quarter.

This is the distinction that separates the durable part from the fragile part.
A price increase driven by shortage is not the same as one driven by demand, and the consumer parts on this sheet are the shortage-driven ones.

Those can reverse quickly once buyers walk.

The contracted server and HBM demand is sticky.

Bullish memory

Q2 Consumer LPDDR5X Prices Rise 89%

Market research firm SigmaIntell announced on the 22nd that prices for consumer product categories rose in the second quarter of this year due to a memory supply and demand imbalance.

In the low power DRAM (LPDDR) product category, the price https://t.co/PMR4FCVIOx


structural marker; pre-classified as canonical yfinance ticker


Kioxia listed on TSE as 285A.T; context confirms ticker (285A)


The Street is capitulating to a thesis it spent years doubting. I guess late is better than never. Couldn't be me though. $MU and $SNDK since 100s. Bullish AF memory

Summary: Long MU and SNDK on structural memory supercycle: HBM sold out through 2026, LTAs break boom-bust, earnings catalyst June 24.

$MU - Wall Street is finally re rating the memory super cycle

Bank of America raised its Micron target to $1,500, up from $950, maintained Buy. The driver: they lifted their 2030 AI data center TAM estimate to $2.7 trillion.

BofA isn’t alone. In one week in June, before Micron has even reported, at least six firms more than doubled their targets. Cantor went to $1,500 calling the upcycle “only in its early to middle innings.” TD Cowen to $1,500. Daiwa to $1,600. Needham to $1,550.

The thesis is simple and it’s the one I’ve been investing for the last 12 months: this isn’t the old memory cycle.
Micron’s own management said it plainly at JPMorgan’s conference, demand “continues to outpace our ability and the industry’s ability to supply due to persistent structural factors,” with tightness running “well beyond calendar year 2026.”

HBM is sold out through 2026. Long-term agreements lock in multi-year visibility. The thing that made memory uninvestable for 30 years, the violent boom-bust, is exactly what these contracts are designed to break.

Even after all these hikes, the average target still trails the share price.
Bulls see permanently lifted earnings power. Bears see a cyclical chipmaker at peak momentum.

Earnings land June 24, that will be the final nail in the coffin.

The Street is capitulating to a thesis it spent years doubting.

I guess late is better than never. Couldn’t be me though. $MU and $SNDK since 100s.

Bullish AF memory


$MU and $SNDK since 100s. Bullish AF memory