Home Latest Articles Summary The current upcycle is supported by tight supply, long fabrication timelines, and robust AI-driven demand, with major players experiencing strong pricing power and inventory sold out into 2026. Future cycles may differ in intensity and duration compared to previous cycles, as AI inference workloads create more stable, persistent demand, but cyclicality from supply expansions will persist. Investors should view the sector through a structural growth lens, monitoring AI adoption, inventory, supply expansions, and pricing trends for cycle intensity signals. Jonathan Kitchen/DigitalVision via Getty Images Introduction Historically, the memory industry has been one of the most cyclical segments within the overall semiconductor value chain. Memory industry cycles were driven by supply capacities and demand.…