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Memory chip markets operate on a structural timing mismatch that has recurred for decades. A new fab takes years to permit, build, and bring into yield-qualified production.
By the time that capacity comes online, demand conditions have often shifted, either overshooting into glut or undershooting into scarcity.
That lag drives the violent DRAM and NAND price swings that have defined the sector's economics and its reputation for punishing investors. The industry accepted the pattern as structural law.
On Thursday, Micron CEO Sanjay Mehrotra said AI has "totally changed" that equation. The cycle's persistence was never primarily a management failure.
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