Micron reported late last month and it was a record year. On the call Mehrotra said memory and storage should be tighter in 2027 and 2028 than they were in 2026. The part everyone keeps posting is HBM. That revenue grew faster than the whole company, and most of their 2027 HBM is already agreed at higher prices. Most of the discussion I’ve seen since then has been around HBM, especially the growth there and how much of next year’s supply is already committed.
I went to use the same story on SNDK and then stopped. Sandisk doesn't sell HBM. It's NAND. Micron did say NAND stays supply constrained through 2028, so the shortage isn't only an HBM thing. It's still not the same product.
They report October 29. I've had both of them open on moomoo and I can't tell if "NAND stays tight" is the bull case, or if SNDK needs something those HBM deals don't give it. Are you treating these as the same trade, or not really?