Samsung just made $58B in 90 days – 19x last year, and more than Nvidia has ever earned in a quarter. The stock fell 7% on the news. That one day tells you where the memory trade sits right now, and it’s what this video unpacks.
The boom first: Micron’s revenue went from $9.3B to $41.5B in four quarters, gross margin near 85%, next quarter guided to $50B. SK Hynix ran a 72% operating margin in Q1 and made more in three months than in all of 2024. The fuel was the chips themselves – DDR5 spot went from $6.84 to $27.20 in late 2025, and contract DRAM rose roughly 95% and then 60% in back-to-back quarters. Analysts put this cycle at about triple the 2017-18 supercycle, the previous record holder.
Then the cracks. TrendForce sees Q3 price growth slowing to ~15%. IDC cut 2026 phone and PC shipments by double digits. On Monday a Seoul broker trimmed SK Hynix estimates 8%, the stock dropped 15% in a day, the KOSPI briefly halted, and every memory giant is now 20%+ off its high – while still up 119% to 605% on the year.
The forecasts: tight through 2027, first real relief in 2028 when new fabs finally ramp, and a possible glut after that. $790B is the 2027 memory revenue number the whole market is now arguing about.
Samsung just made $58B in 90 days – 19x last year, and more than Nvidia has ever earned in a quarter. The stock fell 7% on the news. That one day tells you where the memory trade sits right now, and it's what this video unpacks.
The boom first: Micron's revenue went from $9.3B… pic.twitter.com/NyAPQo2MA7
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