Micron's HBM cycle: can AI memory change the boom-bust math?

A Micron five-year double thesis focused on HBM demand, DRAM/NAND cycle discipline, capital intensity, and whether AI memory improves through-cycle economics.

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A Micron five-year double thesis focused on HBM demand, DRAM/NAND cycle discipline, capital intensity, and whether AI memory improves through-cycle economics.

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Sources used in this report

Company press releaseMicron FY2025 results2025-09-23 · FY2025 revenue, cash flow, and operating context.Company financial reportsMicron annual reportsAccessed May 8, 2026 · Annual-report validation source.