One strong rebound doesn't confirm the super-cycle is fully back, but it does show the market still has strong conviction in the AI memory story. Softer CPI and aggressive fund buying have improved sentiment, though volatility is likely to remain high after the recent shakeout.
If choosing today: • SK Hynix: Highest quality HBM leader and closest beneficiary of AI demand, but also the richest valuation. • Micron: Most balanced choice with solid HBM growth and a more reasonable valuation. • SanDisk: Highest risk and potentially highest reward if the NAND recovery strengthens, but earnings are more cyclical.
My preference would be Micron first, SK Hynix second, SanDisk third for a better balance of upside and risk. The long-term AI memory thesis remains intact, but expect sharp swings rather than a straight line up.
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