The memory supercycle and crash (2017–2019)
A shortage of DRAM and NAND sent memory prices soaring, and SK hynix and Samsung posted record profits. Then demand cooled and new supply arrived. Prices fell hard and earnings collapsed within about a year.
Memory makers booked huge profits in 2017 and 2018, then deep declines in 2019.
It confirmed how cyclical memory is: record highs in chip stocks have repeatedly given way to sharp downturns.
SK hynix shares hit a record on the HBM4E news. The supercycle is a reminder that memory demand and pricing can reverse quickly, even for parts in short supply today.
