Mizuho Securities has raised the price targets for five technology companies, including Micron Technology, SanDisk, and Dell Technologies Inc., anticipating they will benefit from the wave of Agentic AI development. The list also includes Arm and ON Semiconductor. Mizuho projects that demand for Dynamic Random Access Memory (DRAM) will remain "robust" through 2027, noting that the LPDDR5 memory capacity in Nvidia's Vera Rubin platform will be triple that of its Grace platform. Additionally, Agentic AI is expected to drive an extra 9% to 13% increase in DRAM demand, with year-over-year growth potentially reaching up to 30% or more. The firm also forecasts the total addressable market for High Bandwidth Memory (HBM) to grow by 90% between 2025 and 2028, supported by favorable content and pricing dynamics. In a client report, Mizuho analysts noted that NAND flash demand shows no signs of weakening, citing strong demand for enterprise solid-state drives (eSSD) and key-value caching (KV Cache), with expectations of tightening supply by 2027. High Bandwidth Flash (HBF) may also enter the market during this period. Mizuho Securities reaffirmed "Outperform" ratings on all five stocks and raised their price targets: Micron from $800 to $1,150, SanDisk from $1,625 to $1,825, Dell from $300 to $350, Arm from $290 to $360, and ON Semiconductor from $130 to $150. Dell's explosive earnings report has ignited the market. The company's latest first-quarter fiscal 2027 results, with a nearly "explosive" performance, validated Mizuho's forward-looking assessment. Driven by a surge in AI server orders, Dell not only exceeded market expectations for both revenue and earnings per share but also provided strong guidance, directly supporting Mizuho's rationale for raising the target price from $300 to $350. Dell's stock soared nearly 40% in after-hours trading on Thursday, breaking above $440 to reach a record high, significantly surpassing Mizuho's target. This stellar performance instantly ignited the broader technology sector. Several top Wall Street analysts issued urgent reports following Dell's earnings, collectively revising valuations for the AI hardware chain. A Morgan Stanley analyst noted that Dell's surge is just the tip of the iceberg, with the underlying upgrade driven by Agentic AI only beginning. As AI agents demand exponential growth in multimodal real-time processing and local storage, High Bandwidth Memory (HBM) and liquid-cooled servers have entered a "golden era" of absolute supply shortage. Concurrently, Goldman Sachs' foreign exchange and technology hardware strategists have joined the bullish chorus. Goldman's latest view asserts that Dell's performance directly solidifies the earnings certainty for storage giants like Micron and SanDisk. AI agents require lower latency and larger "key-value caching (KV Cache)," which is driving enterprise solid-state drives (eSSD) and new DRAM into a multi-year super cycle of supply-demand benefits. As Mizuho predicted, the deployment of Nvidia's new architecture and the proliferation of Agentic AI are injecting year-over-year incremental demand of over 30% into the entire industry chain. Dell's earnings report is not only a victory for its own transformation but also a clarion call for Wall Street to go all-in on AI full-stack infrastructure, including servers, storage, and semiconductor IP like Arm. From Mizuho to a broader market consensus: AI infrastructure enters a super cycle. Dell's financial report now shows its AI customer base has surpassed 5,000, growing over 50% in the past six months, encompassing new cloud service providers, sovereign AI projects, and large enterprises. AI inference workloads are even driving incremental demand for traditional computing servers, creating a dual-engine dynamic of "AI plus traditional" demand. The current market consensus is that Dell is at the core of an AI infrastructure super cycle. While some analysts express concerns about overvaluation, with Morgan Stanley noting the current stock price already reflects growth expectations, most views suggest that, supported by a $51.3 billion backlog and expanding pipeline demand, Dell's growth has visible sustainability. With the launch of Nvidia's Vera Rubin architecture and the HBM market expected to expand at a 90% compound annual growth rate from 2025 to 2028, Dell, as a core integrator of AI factories, may only be at the beginning of its earnings surge.