Company intelligence
Milk Road
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About Milk Road
We’re a gang of people that are having fun in crypto and web3, no matter what the prices are. Founded as a newsletter in January 2022, today, we’re one of the fastest growing newsletters in the space, and soon, a helluva lot more than just a newsletter. We love sharing the weirdest, wildest, newest stories in web3 and crypto -- what to learn from them, and how to capitalize on them. We have a blast doing it, and we’ve got dope projects in the works.
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Signals from Milk Road
15 published signals
Capital & Finance
Milk Road notes that NAND revenue alone hit nearly $48 billion in the first quarter of 2026, up 96% sequentially with average selling prices up 95%.
Reported by Milk Road
Capital & Finance
Milk Road notes that Gartner expects DRAM revenue to increase by 246.6% and NAND revenue to increase by 371.9% year over year in 2026.
Reported by Milk Road
Capital & Finance
Milk Road forecasts memory to account for 54% of total semiconductor revenue in 2026, up from 27% in 2025.
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Research & Knowledge
Milk Road notes that long-term agreements now cover an estimated 50% to 70% of DRAM, NAND and SSD sales across roughly 10 to 20 core customers, mostly cloud providers and US tech giants.
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Research & Knowledge
Milk Road notes that global memory revenue reached nearly $595 billion in 2026, marking the gray bars breaking out.
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Research & Knowledge
Milk Road notes that Nomura raised its 2027 price growth forecast for standard DRAM from 18% to 28% and for HBM from 72% to 97%.
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Research & Knowledge
Milk Road notes that Micron's HBM total addressable market forecast for 2026 through 2030 has grown 2.1 times in eighteen months, from about $343 billion to roughly $724 billion.
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Research & Knowledge
Milk Road research highlights the Evercore ISI chart showing annual token usage rising from almost nothing in 2024 to roughly 4,000 quadrillion tokens per year by 2030.
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Research & Knowledge
Milk Road research highlights OpenRouter data showing a 10% price cut only increased usage about 0.5% to 0.7%, while average prompt sizes rose roughly four times to more than 6,000 tokens.
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Research & Knowledge
Milk Road research highlights Goldman Sachs expecting token consumption to grow 24 times between 2026 and 2030, reaching about 120 quadrillion tokens per month.
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Capital & Finance
Milk Road reported approximately $96.2 billion in quarterly revenue, including about $89 billion from its data center business.
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Capital & Finance
Milk Road guided for approximately $108 billion in total revenue for the following quarter.
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Research & Knowledge
Milk Road PRO analysts were super early to $MU $BE, $NBIS and more.
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Capital & Finance
Milk Road notes that combined spending from Amazon, Microsoft, Alphabet, Meta, Oracle, and SpaceX is projected to exceed $1.3 trillion by 2027.
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Research & Knowledge
Milk Road highlights UBS estimates that total HBM demand could grow from about 32.9 billion gigabits in 2026 to 58 billion gigabits in 2027.
Reported by Milk Road