Micron Technology CEO Sanjay Mehrotra said memory supply is not catching up with demand driven by artificial intelligence, arguing that five-year, extendable customer agreements provide assurance that the current boom is structural rather than cyclical. He told CNBC's Jim Cramer, "We see no end when supply catches up with demand, and the demand continues to grow," while cautioning that "nothing ever goes in a straight line." Mehrotra said AI systems need increasingly higher-performance, lower-power memory, with demand potentially spreading from data centers to autonomous vehicles, robotics and AI-enabled consumer devices. Yorkville Ives Senior Managing Director Dan Ives described the memory market as "foundational, not cyclical" and estimated AI memory demand-to-supply ratios at roughly 15-to-1. Counterpoint Research Director MS Hwang said meaningful relief may not arrive before 2028, even as Samsung Electronics, SK Hynix and Micron expand capacity, because AI demand is also absorbing conventional DRAM alongside high-bandwidth memory (advanced memory designed for intensive data processing). Micron shares closed 0.77% lower at $966.78 on Friday and fell another 0.37% in extended trading.