Micron's Biggest Long-Term Growth Catalyst Has Nothing to Do With AI Data Centers
Micron Technology CEO Sanjay Mehrotra says humanoid robots are a more promising opportunity than AI data centers. Mehrotra predicts a sustained multidecade memory demand cycle starting in the latter part of this decade, driven by new technologies. This forecast comes after Micron's revenue more than quadrupled year over year.
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Mehrotra's prediction relies on humanoid robots' potential to drive memory demand, but it's crucial to consider the power consumption and heat dissipation challenges that come with such robots, which could impact the feasibility of widespread adoption.
Memory demand from humanoid robots is plausible given the long lifecycle of DRAM/NAND and AI infrastructure, but the capex cycle for semiconductor capacity is volatile (~30% base rate of overruns in past cycles). The bigger risk isn’t demand—it’s whether suppliers like Micron can monetize the cycle before competitors overbuild or pricing collapses post-2027.