---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000963107.md"
description: "Citi: Memory"Overall, we believe the market is underestimating how constrained DRAM/HBM supply is likely to remain as AI-driven demand from hyperscalers continues to accelerate, while memory makers face diminishing benefits from process shrinks and must rely on long-cycle greenfield capacity additions. As a result, HBM and advanced memory supply could remain tight through 2027 and 2028.""Supply is the underappreciated piece, in our view: Node transitions yield less density (1-delta ~25% vs 1-gamma and prior nodes 30-40%). HBM's trade ratio eats wafer capacity, and DRAM bit growth is only in the low 20s. Real supply relief needs greenfield fabs, which takes a long time and cleanroom space is the constraint. Micron's construction spend as a % of capex is approaching 50%."$Micron Tech(MU.US) $DRAM $EWY"
datetime: "2026-10-31T00:25:10.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000963107.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000963107.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000963107.md)
author: "[Equity research](https://longbridge.com/en/profiles/2071818324550963200.md)"
generator: "portal-rs"
---

# Citi: Memory"Overall, we believe the market is…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**