I think Monday repriced expectations more than fundamentals. ๐ The market briefly questioned whether AI spending could slow, but Tuesdayโs rebound in AMD and Qualcomm suggests investors werenโt ready to abandon the chip cycle. What stands out to me is memory staying weak โ that tells me the market is becoming much more selective about which parts of AI infrastructure still have pricing power. ๐
Memory Stocks Diverge โ Is the Price-Hike Narrative Fading?
Memory came apart Tuesday, a day after moving as a bloc: Micron +0.39% to $927.60, SK Hynix โ0.46% to $174.83, SanDisk โ1.36% to $1,530.89, Western Digital about โ4%, Seagate about โ5%. SanDisk refinanced its credit facility, which sharpens the valuation argument in a group priced on prices going up. Micron holding its ground says the demand side has not gone with the rest; Micron also reports Sept 30, the next real read on quotes and orders. One price-increase story cannot carry five names moving in three directions โ some part of it is wrong. Is the memory reflation thesis still one story?
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