HBM wafer reallocation gates conventional DRAM supply Hyperscaler capex pushes HBM demand New capacity online catches up Wafer capacity die starts finite reservoir reallocation gate HBM advanced path advanced wafer + packaging siphons ~3x wafer / unit Conventional DRAM supply squeezed tight DRAM price rising Micron rev raised Memory shortage persists new capacity catches up -> shortage eases
shortage persists