Micron has signed 26 strategic customer agreements covering about 35% of its sales through 2030. Keybanc analysts say customers are now looking to extend such deals further, even as worries about Chinese supply weigh on memory stocks.
Micron has signed 26 strategic customer agreements (SCAs) for both DRAM and NAND, covering about 35% of its sales through 2030. Keybanc analysts say memory customers are looking to extend their agreements beyond 2030.
Memory makers sign long-term deals for the first time
Micron and other memory makers have been signing long-term deals for the first time because they are aware of the industry's cyclical risk. Longer-term deals can help mitigate some of that cyclicality. However, 2030 still lines up with a prediction from Korean trade publications that the market will falter.
Those publications predict the memory market will be flooded with new supply in 2029. According to the Korean trade publications as cited by The Motley Fool, by 2030 "the supercycle could be over and the industry could enter a downturn."
Chinese supply worries weigh on shares
Investors have been increasingly worried that new supply from China will hit the market sooner. China's CXMT went from 4% of the DRAM market in Q2 2025 to 10% in Q2 2026. The company is also looking to launch a data-center memory product based on a new architecture later this year.
That product would be unlikely to be allowed in U.S. data centers, but it could be allowed in other regions and help add supply to the market.
HP, Dell and Alphabet look past 2030
Keybanc analysts believe HP and Dell extended their SCAs with Micron into 2031. More notably, they say Alphabet has been in talks with memory companies to extend its long-term agreements out to 2035.
In the near term, Keybanc projected DRAM prices to increase 15% to 20% quarter over quarter and NAND prices by over 20%. It also noted that Micron was quoting SSD prices up 40% to 45% quarter over quarter.
Source: The Motley Fool
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