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AlexCorrino (June 30, 2026) says Micron’s most recent earnings ‘smoked all…

2026-06-30 · 12:26 UTC ·@AlexCorrino ·0 min read

Brief

AlexCorrino (June 30, 2026) argues Micron’s blowout earnings don’t signal the end of the memory cycle but highlight an emerging shortage. He cites projections to 2030: token demand up 24x, HBM supply only doubling while HBM demand rises 5x, creating a widening structural imbalance and prolonged supply tightness.

Why it matters

AlexCorrino (June 30, 2026) says Micron’s most recent earnings ‘smoked all estimates,’ prompting questions about whether the memory cycle has topped out.

Key details

  • He cites projections to 2030: token demand rising 24x, HBM (high-bandwidth memory) supply doubling, and HBM demand increasing 5x.
  • From those numbers he concludes a growing structural supply/demand imbalance in memory/HBM and predicts a much longer shortage than the market currently expects.
Source evidence

With Micron earnings last week absolutely smoking all estimates and putting up truly insane numbers, the timeline is once again asking if this is the top of the memory cycle.

I sat down to do the work, and it seems we are in for a much longer shortage than the market believes.

A few key numbers:
1. Token demand is projected to 24x by 2030.
2. HBM supply is projected to double by 2030.
3. HBM demand is projected to 5x by 2030.

There’s a massive structural supply/demand imbalance in the market, and it’s actually growing not shrinking.

Link to read the full free report below.