My view:
Memory looks more fragile.
Memory/storage prices depend heavily on supply shortages. If Toshiba or other companies increase production, prices and profits could fall quickly.
Compute like NVIDIA, AMD and Broadcom has a stronger long-term driver: AI demand. Even if hardware supply improves, AI companies still need more computing power for training and inference.
However, compute stocks are not risk-free. Their valuations are already high, so slower AI spending could cause a sharp correction.
The weak jobs report is also important. If the economy weakens and the Fed cuts rates, that could support high-growth tech stocks—but falling yields caused by a recession would be a different story.
Bottom line: I would be more cautious about memory/storage because the shortage can disappear when supply increases. For long-term investors, I prefer profitable AI compute leaders over companies whose profits mainly depend on a temporary supply shortage.