Kimi K3 launches—HBM and storage demand directly take off. Micron’s future cash flow could exceed 400 billion, and after the share buyback ban is lifted, the theoretical ratio could reach over 40%. This round must keep a close eye on NVIDIA and Micron.

Crypto news: A SemiBytes news brief published by UBS on July 20, 2026 said the semiconductor sector is moving from a broad-based rally into a phase of intense differentiation, while the AI mainline “group trading” trend is still continuing. The release of Kimi K3 has driven an upgrade in the scale of open-source models. A longer context window is increasing HBM and storage demand, making Nvidia the biggest beneficiary. Over the next few years, Micron’s cumulative free cash flow is expected to exceed $400 billion. After the share repurchase ban is lifted, the theoretical repurchase ratio could be over 40%. Differentiation within the analog chip sector is intensifying; targets with higher AI exposure have already gained a 42x P/E valuation premium. Lam Research, Broadcom, Seagate, Micron, and AMD are in an extremely crowded position for long exposure.