The State Of The Memory Trade: Pullback Or Bust?

The article argues the 2026 memory upcycle is being driven more by commodity DRAM than by HBM. Despite acknowledging the shift in what’s driving demand/supply dynamics, the author is not confident enough to “load the truck” with shares of the DRAM leader, Samsung Electronics. Overall, it’s a cautious reassessment of the memory narrative rather than a clear positive/negative catalyst.

Analysis

The article argues the 2026 memory upcycle is being driven more by commodity DRAM than by HBM. Despite acknowledging the shift in what’s driving demand/supply dynamics, the author is not confident enough to “load the truck” with shares of the DRAM leader, Samsung Electronics. Overall, it’s a cautious reassessment of the memory narrative rather than a clear positive/negative catalyst.