Micron Gains $1.2 Trillion in Market Cap Over Past Year as AI Memory Bottleneck Persists

According to Beth Kindig, IO Fund analyst, Micron Technology has added over $1.2 trillion in market capitalization over the past year, with continued upside potential as AI memory constraints tighten. In a note on Friday, Kindig said meaningful new memory supply is unlikely to arrive until 2028, pointing to expansion timelines from Micron as well as industry commentary from Samsung, SK Hynix and SanDisk suggesting supply will remain constrained through at least 2027. Kindig argued that memory has evolved from a cyclical semiconductor segment into one of AI's biggest bottlenecks, as newer chips from Nvidia and AMD require significantly more high-bandwidth memory (HBM).
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