Memory's floor has moved: Ben Bajarin argues AI demand reshapes the TAM
BenBajarin · x · 2026-10-02
Creative Strategies' Ben Bajarin publishes a new report arguing memory should be valued on 'bits, not history': revenue is bits × price, and while price swings across cycles, bit demand keeps compounding — so the downturn floor is set by the bit base. AI workloads have structurally changed the industry: the new floor is higher, the TAM's shape is still unknown, and historical cycle-based valuation understates full-cycle earnings. Companion research covers Micron Q4 FY26, HPE's Open AI Infrastructure networking day, and Synopsys' agentic EDA pitch.
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