Bloomberg Intelligence Micron’s Capital Spending Growth Overshadows Booming Sales
9 snips
Mar 19, 2026 
Ira Jersey, US interest-rate strategist tracking Fed moves. Lee Klaskow, transport and shipping analyst on parcel carriers and FedEx. Michael Halen, restaurant and foodservice analyst watching comps and commodity pressures. Jake Silverman, semiconductor analyst focused on memory markets, AI-driven demand, and Micron’s capex vs. cycle debate. They dive into Fed policy, freight trends, restaurant margins, and memory industry dynamics.
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Pricing May Peak Slowly Because Capacity Is Bottlenecked
- Memory pricing likely nears a peak in quarter-to-quarter gains but may still rise modestly because supply additions are constrained.
- Jake notes limited new clean room/fab capacity means pricing still has "a few more legs to go" over the next 12–15 months.
Micron Competes On Cost And Technical Specs
- Micron competes mainly with Samsung and SK Hynix, while NVIDIA is a major customer for HBM products.
- Jake stresses competition hinges on cost profile, pin speed, power consumption, and keeping R&D and specs aligned with NVIDIA and JEDEC standards.
Longer Customer Agreements Could Soften Cyclicality
- Customers are signing much longer purchase agreements, extending up to five years, which could reduce cycle volatility.
- Jake notes these LTAs differ from prior downturn-era agreements and will vary by customer, volume, and product type.