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The structural shift in the memory sector (DRAM/HBM): Are legacy cyclical valuation models still applicable to MU/SK Hynix in 2026?
Investor summaryBullish
Discussing if the structural shift in DRAM/HBM driven by AI invalidates legacy cyclical valuation models for memory stocks like MU.
Bull points
- HBM and AI demand are creating a structural shift in the memory sector, potentially reducing historical cyclicality.
- Legacy cyclical valuation models may undervalue MU if the industry transitions to a more stable, higher-margin growth profile.
Bear points
- Memory sector remains inherently cyclical, and legacy models might still be necessary to avoid overpaying during peak cycles.
- Structural shifts could be overestimated, and traditional supply-demand imbalances could still cause severe downturns by 2026.
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