With the KOSPI pulling back in recent weeks from FUD and other nonsense… the combined enterprise value of the big 3 memory companies (ie Micron, Samsung and SK Hynix) now sits below $2.6 trillion with consensus estimates pointing to $1.0 trillion of operating profits in 2027 however I don't think these estimates are high enough if we continue to see ASPs increase next year with margins flat or better depending on LTAs. Memory sits in the middle of the biggest capex supercycle in history with ~35% of every ai-related capex dollar going towards memory. The 2027 sell side estimates for memory companies (including the big 3) are based off $1.2 trillion of hyperscaler capex (which is up from $1 trillion just a few months ago)... but I think this capex number could be closer to $1.5 trillion
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