Sell MU by Dec 30, 2026.

It looks like HBM may not be as supply-constrained as NAND anymore. Samsung keeps ramping up HBM supply, and it has been discounting HBM3E to gain market share. Of course, there are still forecasts calling for further HBM price increases, since everyone knows supply is tight. But with margins already approaching 87%, I don’t think that level is sustainable for long. That would also line up with what I’ve been hearing recently about HBM prices potentially getting cut.