Cantor's CJ Muse Says a 2027 Memory Squeeze Could Power Micron's Earnings Through 2028 - 24/7 Wall St.

Cantor Fitzgerald analyst CJ Muse stated on CNBC that the memory cycle investors are watching may not peak where they expect, with supply constraints likely to intensify in 2027 compared to 2026. He a... Read original →

CJ Muse’s 2027 memory squeeze thesis reflects the structural shift in AI compute architecture: HBM3E and next-gen DRAM are no longer peripherals but performance gatekeepers, tightly coupling Micron’s output to NVIDIA’s roadmap. Geopolitical export controls from the U.S., Japan, and the Netherlands constrain capacity expansion in Taiwan, China and mainland China, tightening global supply elasticity. Samsung and SK Hynix may accelerate U.S. fab investments to secure policy exemptions, but 24+ month lead times won’t bridge the 2027 gap. Crucially, if HBM demand spills into edge AI, DRAM-NAND imbalances will intensify. Micron’s IDM model and alignment with U.S. capital position it as a de facto AI infrastructure asset. The market will soon price it not by legacy cycles but by its role in sustaining AI scale—making $200 EPS in 2027–28 a baseline, not a peak.