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LG Doucet and Melvin examine the bull case for Micron, SK Hynix and Samsung as AI infrastructure drives demand for high-bandwidth memory. Melvin argues that shifting capacity toward HBM also tightens conventional DRAM supply, while new fabrication capacity will take years to deliver meaningful relief.
Long-term purchase agreements are central to the thesis, with hyperscalers locking in supply and giving memory makers greater revenue visibility than in past cycles. The discussion also covers equipment suppliers Lam Research, Applied Materials and KLA, along with risks including Chinese competition, slower AI capital spending, technical efficiency gains and the sector’s persistent volatility.
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