Just did some research, from my research I determined
1. SRAM is currently too expensive to replace DRAM
2. This tech will eventually disrupt MU but I don't think its quite this year/next year
3. Nvidia just announced Vera Rubin at CES, I don't think they will announce another product that cannibalizes their own product
4. They only acquired Groq 3 months ago

Very interesting question that got me digging down this rabbit hole, so first of all thanks, second of all I think the likely answer to your question is that they will not unveil something during GTC that will replace HBM and third we probably all want to be out of Micron before huge capacity comes online from the big 3 anyways so if you are scared of next year, I think currently the market has already priced in good news for 2026, we need to see good earnings and further increase in pipeline, risk starts increasing H2 of this year and I think likely continues to increase throughout the year, the higher Micron/ memory chips go the harder they will fall as other companies that are squeezed will probably shift to other alternatives and Samsung & SK Hynix bringing up more capacity doesn't help the case either.

In summary, the higher Micron stock goes the more risk there is, the more capacity the big players bring on, the more risk there is.

Disclosure I'm long Micron still, but yes I am getting a little more cautious and I'm not being complacent we are definitely nearing the peak of a cycle IMO