📌 AI Capital Is Rotating Toward Platforms, Not Cooling on Hardware
AI trading is making a relative rotation from chip stocks to large platform stocks. On the day, both SPY and QQQ rose only about 0.2%, Nvidia fell about 1.7%, and AMD dropped about 1%; Microsoft rose about 2.5%, Meta …
📌 Equal-Weight Breadth Does Not Yet Support the Extreme Crowding Thesis
The concentration seen in market-cap-weighted indices does not necessarily mean that the entire market is rising solely on the back of a small number of large-cap stocks.
📌 Apple Tests New Supplier, Memory Prices Begin to Diverge
The memory shortage brought by AI does not mean that all storage products will benefit in the same way. Apple is reportedly testing CXMT memory chips for the iPhone and MacBook.
📌 AAOI’s Domestic Capacity Is Tight, and Revenue Growth Remains Constrained
AAOI’s position in the AI data center optical module supply chain is becoming more important, but that does not mean policy changes will immediately generate more revenue. Management stated that the company’s existing …
📌 HBM Capacity Crowding Intensifies Pressure on the Memory Trade
The risks facing the memory sector are no longer limited to whether the price cycle will peak. If higher-capacity, higher-specification HBM continues to occupy production lines, not only commodity DRAM but also SOCAMM2 …
📌 Rocket Lab's First-Launch Preparations Meet an Earnings Test
Rocket Lab’s Neutron rocket has completed its first vertical lift at the LC-3 launch pad in Wallops, Virginia. For this reusable medium-lift rocket, this is not the maiden flight itself, but it means that preparations …
📌 HBM Shortage Forces Inference Chips to Recalculate the Memory Equation
Competition in AI inference chips is extending from “whose compute power is greater” to “who can store model weights more efficiently.” This warrants attention because high-bandwidth memory (HBM) is no longer merely a …
📌 AppLovin’s Divide Lies in the Growth Slope
AppLovin’s nearly 20% pullback is not primarily about advertising demand having disappeared, but rather about a temporary slowdown in its model improvements. Previously, enhanced algorithmic capabilities helped …
📌 Can SanDisk's Long-Term Contracts Withstand the NAND Cycle
SanDisk’s latest figures have prompted the market to reassess whether its NAND business can still only be viewed as a highly cyclical company. The company’s revenue this quarter rose 51% quarter-on-quarter to USD 8.965 …
📌 SNDK's Better-Than-Expected Earnings Fail to Ease Growth Concerns
SNDK’s quarterly results exceeded expectations across the board, but the stock’s reaction to the earnings report was far weaker than the magnitude previously priced in by the options market.