*J.P. MORGAN: MEMORY MARKET TIGHTNESS EXTENDS THROUGH CY28 AS MICRON 4QFY26 READ-THROUGH SHOWS NO LINE OF SIGHT TO SUPPLY BALANCE J.P. Morgan's latest Memory Market Update highlights extending structural supply demand tightness through CY28 following $MU earnings call, with customer order discussions expanding out to 2031. Micron management expects market conditions to be even tighter in 27/28 than in 26, pointing to cleanroom capacity shortages and projected industry DRAM/NAND bit shipment growth capped at low to mid 20% ranges against compounding hyperscaler demand. HBM bit shipments are projected to outpace conventional DRAM growth through CY28 (+63% vs. +37% for non HBM server DRAM), reinforcing that advanced packaging bottlenecks and memory supply constraints remain a central bottleneck for global AI infrastructure scaling. $DRAM