Cantor’s CJ Muse Says a 2027 Memory Squeeze Could Power Micron’s Earnings Through 2028 - AOL.com

Cantor Fitzgerald analyst CJ Muse argues that the memory market will face even tighter supply in 2027, supporting Micron Technology's earnings growth through 2028. Muse contends that the current suppl... Read original →

CJ Muse’s forecast of a 2027 memory crunch reflects AI compute demand shifting from cyclical surge to structural deficit. HBM3E, critical for NVIDIA-class AI chips, faces severe supply lag due to slow yield ramp and limited TSV/TSV+ capacity, forcing Micron to prioritize high-margin HBM over commodity DRAM. SanDisk’s 645% datacenter revenue jump confirms NAND is now tightly coupled with AI infrastructure build-out. U.S. export controls on advanced tech further constrain foundry expansion in Taiwan, China and mainland China, delaying supply response. Samsung and SK Hynix may accelerate HBM4 development, but equipment bottlenecks and CoWoS packaging shortages cap near-term output. If Micron’s earnings call validates increased HBM3E allocation, its $200 EPS target becomes credible—current 5x P/E pricing embeds unjustified recession fears. Over the next 18 months, memory economics will pivot from price elasticity to technology gatekeeping, where integration with advanced packaging dictates margin leadership.