SEMICONDUCTORS : Memory Monthly: The Path To Durability

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SEMICONDUCTORS : Memory Monthly: The Path To Durability

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SEMICONDUCTORS

Memory Monthly: The Path To Durability

We expect another quarter of robust sequential price increases in CQ2. Long-term, we believe multi-22 MAY 2026

Sector Research Report year supply agreements support volume assurance with favorable margins and marks a turning point

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in transforming a historically cyclical industry into one of durable, profitable growth. While all vendors

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would likely benefit this year, we favor HBM vendors who appear most capacity constrained.

Karl Ackerman, CFA

BNP Paribas Securities Corp1 CQ2 ASPs To Remain Elevated From Robust AI Demand And Supply Tightness

(+1) 415 846 1575 Our analysis of CQ2 contract prices of 50+ DRAM SKUs and 75+ NAND SKUs suggests DRAM andkarl.ackerman@us.bnpparibas.com

NAND ASPs can advance 45% and 60% Q/Q, respectively. On the back of price increases, we

Sam Feldman expect Micron could report MayQ rev/EPS of $41.7B/$25.23 (+23%/30% vs. cons.) and guide AugQ

BNP Paribas Securities Corp1

(+1) 929 758-3460 rev/EPS of $53.2B/$33.48 (+33%/43%). This implies a bull-case TP of $900 (18% upside) based on

sam.feldman@us.bnpparibas.com our current valuation of 9x EV/FCF. For SanDisk, this implies JunQ rev/EPS of $10.7B/$46.91

(+33%/44%) and SeptQ guide of $12.6B/$56.29 (+33%/44%). Similarly, this implies a bull-case TPDavid OConnor

BNP Paribas Securities Corp1 of $1,800 (17% upside) based on our current valuation of 7x CY27 EV/FCF.

(+1) 415 659 1888

david.oconnor@us.bnpparibas.com Nvidia’s $200B Vera CPU TAM Could Add ~15B GB of DRAM Demand

Alex Chang While XPUs have exhibited the most significant growth driven by frontier model training, CPUs are