Sean (@sean_________)
@sean_________
TMT catalyst/event-driven trader with a focus on research.
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$MU / $SNDK Mizuho pounding table, again:
DRAM demand still expected to outpace supply into 2027E, with HBM trade ratios and limited capacity adds.
We see NAND following DRAM with tightening supply in 2027E as AI demand for high-bandwidth memory capacity continues to increase with KV Cache/Prefill/Decode.
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Barclay's upgrade $SNDK & revising $MU higher:
SNDK: We think this type of contract fundamentally changes the way memory players can decide and allocate business, making their environment much more secure and protected on the downside
MU: We are of the opinion that as MU signs more of these SCAs they will provide similar information to SNDK, giving details on the financial hooks and potential prepayment structures they are contracting. When these details come to light, we see it as a positive catalyst and another step forward in the sustainability of this memory cycle.
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Barclay's upgrade $SNDK & revising $MU higher:
SNDK: We think this type of contract fundamentally changes the way memory players can decide and allocate business, making their environment much more secure and protected on the downside
MU: We are of the opinion that as MU signs more of these SCAs they will provide similar information to SNDK, giving details on the financial hooks and potential prepayment structures they are contracting. When these details come to light, we see it as a positive catalyst and another step forward in the sustainability of this memory cycle.
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