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Medium2026-09-18Short term · NeutralLonger term · Leans positive

I/O Fund: AI Memory Cycle Is Different This Time

Investment firm I/O Fund argues the current AI-driven memory upcycle differs from past cycles, with demand anchored by high-end products such as HBM, making it more durable. The piece focuses on Micron but the logic applies equally to HBM suppliers like SK Hynix. If correct, it implies a longer earnings cycle for memory names, supporting SK Hynix shares over the medium term while offering mainly a sentiment boost in the near term.

Impact assessments are model-generated from public coverage, for reference only and not investment advice.

Related coverage · 1 related reports

  • I/O Fund · 09-18 20:10 KST
    Micron Stock: Why the AI Memory Cycle Is Different This Time

    I/O Fund argues the AI-driven memory demand cycle differs from past cycles, with HBM and other high-bandwidth memory in short supply, benefiting Micron and SK Hynix. If markets accept a longer cycle, Hynix shares could gain valuation support, though slowing AI capex remains a key risk.

I/O Fund: AI Memory Cycle Is Different This Time · Hynix Board