Mizuho trimmed $MU to $1,300 (from $1,375) on multiple compression — mainly Feynman de-spec uncertainty and HBM config risk.
But here's the twist: memory stays tight. If HBM content per GPU drops 20–30%, unit shipments actually rise. That means *more* aggregate DRAM bits needed across training, inference, and KV cache.
Total bit demand climbs. Utilization improves.
2027 looks strong: xAI / $SPCX 10GW buildouts + the $500B Neocloud facility keep the backdrop firm.
So yes, near-term de-spec is a headwind. But memory tightness and rising bit consumption matter more for Micron's longer arc.
But here's the twist: memory stays tight. If HBM content per GPU drops 20–30%, unit shipments actually rise. That means *more* aggregate DRAM bits needed across training, inference, and KV cache.
Total bit demand climbs. Utilization improves.
2027 looks strong: xAI / $SPCX 10GW buildouts + the $500B Neocloud facility keep the backdrop firm.
So yes, near-term de-spec is a headwind. But memory tightness and rising bit consumption matter more for Micron's longer arc.
