Micron's value has nearly tripled over the past few months, establishing memory as the new bottleneck for data centers and the hot new AI trade. DRAM spot prices have increased tenfold over the past year, driven by demand growing faster than supply, while Nvidia H100 GPU spot prices have fallen since a peak in May.
Memory supply is now the binding constraint for AI infrastructure, driving significant pricing power for DRAM and HBM suppliers like Micron.