DRAM: The AI Memory Boom Is Real, But 2028 Earnings Matter More Than Today's Low P/E

Impact · against what's priced in

The article is largely a confirmation of current market skepticism regarding the long-term durability of the AI memory boom. While near-term demand is strong, the warnings about 2028 normalization align with why the market currently refuses to pay for structural earnings resets.

MU−0.05

Already priced in

The price assumes

A structural reset in earnings power to $265.65 per share by fiscal 2028

The article's warning that potential 2028 normalization poses a downside risk reinforces why the market currently declines to pay for a structural reset in earnings power by that date.