Memory trade still has legs. Fundamentals and earnings momentum haven't rolled over—they've actually strengthened.
Valuations look stretched relative to history, but if you believe the AI buildout is real and sustained, these names are still in the early innings:
$MU – Micron remains the pure play
$WDC – Western Digital lagging but catching up
$SNDK – SanDisk (now part of WDC)
$DRAM – DRAM-focused exposure
$SMH – Broad semiconductor basket
Memory cycles are violent. We've seen this movie before. The question isn't whether there will be a downturn—it's whether AI demand creates a longer, shallower cycle than the brutal boom-busts of the past.
Watch inventory levels, pricing power, and capex guidance. If those hold, the trade isn't done.
Valuations look stretched relative to history, but if you believe the AI buildout is real and sustained, these names are still in the early innings:
$MU – Micron remains the pure play
$WDC – Western Digital lagging but catching up
$SNDK – SanDisk (now part of WDC)
$DRAM – DRAM-focused exposure
$SMH – Broad semiconductor basket
Memory cycles are violent. We've seen this movie before. The question isn't whether there will be a downturn—it's whether AI demand creates a longer, shallower cycle than the brutal boom-busts of the past.
Watch inventory levels, pricing power, and capex guidance. If those hold, the trade isn't done.