Blayne’s Bytes: More Memory Thoughts, ON & SYNA, AMAT Masterclass

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Blayne’s Bytes: More Memory Thoughts, ON & SYNA, AMAT Masterclass

USA | Semiconductors EquityJuneResearch26, 2026

KEY STOCKS FEATURED INCLUDE:Blayne’s Bytes: More Memory Thoughts, ON &

TICKER RATING PRICE TARGETSYNA, AMAT Masterclass

MRVL BUY $325.00

Memory starting to bite as AAPL/MSFT raise prices on consumer electronics SNDK BUY $3,000.00

with further hikes expected in 2H26. Raising estimates and PT for SNDK

as the market stays hot and TrendForce points to eSSD share gains. AMAT

Masterclass reinforces DRAM/AP outgrowing WFE with HBM remaining the key

KEY CHANGES INCLUDE:

growth lever. ON set to acquire SYNA, extending reach to physical/edge AI, but

away from DC narrative. As always reach out to TeamBlayne@jefferies.com TICKER RATING PRICE TARGET

with anything you need. MRVL BUY $325.00 ($235.00)

SNDK BUY $3,000.00 ($1,400.00)

For our take on President Trump's quantum executive orders, see KG's Kernels section below.

Memory Thoughts – Pricing Starting to Bite, SNDK eSSD Share Gains: On Thursday (06/25), both

Microsoft and Apple announced price hikes to a range of consumer electronic products including

Xbox, iPads, Macbook Pros and more (Figure 1). We expect additional price hikes tied to the iPhone

18 release, which is expected later this year. Specifically, Microsoft noted that Memory prices have

increased by more than 2.5x and they expect prices to double again by the fall of 2027. The surge in

Memory pricing that began in September of last year has been well documented, but we continue

to view the potential impact from demand destruction outside of AI DC as an underappreciated

headwind for Enterprise Server CPUs, PCs, and Consumer, with potential for impact to Auto & .

Industrial as well.