Per Woofun AI, Bank of America disclosed an extended visibility horizon for AI-driven semiconductor demand, projecting sustained market strength through 2028. The institution upgraded its global semiconductor market forecast to $27 trillion by 2030, citing robust fundamentals in memory and equipment sectors.

The report indicates that DRAM and NAND supply-demand ratios will remain above 110% until 2028, mitigating oversupply risks.

Concurrently, the High Bandwidth Memory (HBM) market is projected to expand from approximately $35 billion in 2025 to $246 billion in 2030. Semiconductor Equipment (WFE) spending is also expected to reach $250 billion by 2028, reflecting a 23% increase from prior estimates. Based on these metrics, Bank of America raised Micron's target price from $950 to $1500.