memory-cycles

Micron Technology: Memory Cycles, AI Data-Center Demand, and the DRAM/NAND Business

Micron Technology is one of only three DRAM manufacturers globally, operating in a notoriously cyclical commodity market now being reshaped by AI data-center demand. This explainer covers memory cycles, DRAM/NAND economics, HBM and AI demand, capital intensity, the oligopoly structure, China risk, and what observers should understand.

May 26, 2026