JPMorgan sees memory supply remaining tight through 2028, with customer order discussions already extending into 2031. Its estimates point to: • HBM bit demand growth: +63% • Non-HBM server DRAM: +37% • CY27 HBM blended ASP: +54% YoY JPM also believes Micron’s >35% revenue coverage under long-term supply agreements through 2030 could prove conservative, noting Asian memory peers have LTAs covering 50%+ of capacity. 03-OCT-2026 10:03 AM ET