Citi Upgrades Micron, Downgrades Qualcomm on Diverging 2026 H2 Outlooks

DRAM6.58%

According to Citi, the bank upgraded Micron Technology to its "upside catalyst" watchlist for H2 2026, citing expected strength in DRAM chip prices. Simultaneously, Citi downgraded Qualcomm to its "downside catalyst" watchlist, citing weak smartphone sales growth.

Citi analysts noted that artificial intelligence compute demand remains in undersupply, with DRAM shortage currently the primary constraint on compute capacity expansion.

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