Putnam Master Intermediate Income Trust

Fueled by AI demand, the memory upcycle that started in HBM has extended into mainstream DRAM/NAND. Using MU as an example, sustained ASP hikes have pushed GPM to elevated levels.

Management guided next-quarter GPM to 66–68%, a record high. That implies this memory cycle is stronger than prior ones.

Price gains reflect the underlying supply-demand balance. This bout of undersupply is mainly driven by AI servers and related workloads...