Instinet analyst Romit Shah today reiterates Buy ratings on Micron Technology (MU), and the chip equipment makers that help it, Applied Materials (AMAT) and Lam Research (LRCX), writing that investors still underestimate how strong the trend is in DRAM and NAND flash chips, which have become the “choke point” of all computing.

Cloud computing companies are gobbling up both NAND and DRAM to speed up their efforts, as memory has become the critical part, writes Shah:

DRAM...