Mizuho bets on two memory catalysts in H2, urges ignoring Apple chatter on Micron

Mizuho argues two H2 catalysts could drive Micron and the memory sector: (1) reports that Apple may seek U.S. government approval to source DRAM from CXMT, underscoring industry-wide supply tightness rather than a Micron-specific problem, with MU shifting toward hyperscalers and high-end memory; (2) a multi-decade memory-capacity expansion by SK Hynix, Samsung and Korea’s government—largely political signaling with no immediate capital commitments—while Micron also plans four new memory fabs. The broader demand backdrop and expected HBM pricing strength in 2027 could lift Street EPS for Micron into 2027, with MU’s next earnings cycle in Sept 2026 acting as a near-term trigger.