2026-05-10
6 min
memory: HBM, NAND, and a real up-cycle
HBM is sold out through 2027 at 49% operating margin. NAND is structurally undersupplied for the first time in a decade. Macronix becomes the only credible sub-32GB MLC supplier post-2028. This is not a quarter-to-quarter print.
memoryhbmnandsk-hynixmacronix