Cantor’s CJ Muse Says a 2027 Memory Squeeze Could Power Micron’s Earnings Through 2028 - Yahoo Finance

Cantor Fitzgerald analyst CJ Muse argues that the memory market will face even tighter supply conditions in 2027, which could drive Micron Technology’s earnings through 2028. Muse contends that curren... Read original →

The looming 2027 memory shortage stems not from cyclical swings but from a structural mismatch between AI compute scaling and memory technology readiness. HBM3E and next-gen HBM demand extreme EUV layer counts and advanced packaging yields, effectively limiting high-volume production to Samsung, SK Hynix, and Micron—creating a de facto oligopoly. Upstream equipment lead times and tight CoWoS capacity in Taiwan, China further raise barriers. U.S. export controls slow Chinese competitors but increase Micron’s compliance overhead as hyperscalers diversify supply chains. With NVIDIA aggressively securing HBM, Samsung may prioritize its own AI chips, while SK Hynix aligns with Intel and AMD, leaving limited allocation for others. Over the next 12–24 months, if Micron locks in long-term cloud contracts and develops viable CoWoS alternatives, its current 5x P/E could re-rate toward 10x+, making it the most undervalued pillar of AI infrastructure.