Storage prices have not risen across the board. The more evident change at present is that server DRAM remains on an upward price trajectory, while consumer storage has already stabilized and moved sideways.
The growth in Texas power demand is changing how power assets are valued. The market is focused not only on generation capacity, but also on who already owns deliverable capacity and at what price that capacity can be monetized.
Oracle’s low valuation and expectations for high earnings-per-share growth over the next two years cannot be assessed solely by looking at OCI orders and the growth figures in its financial reports.
The S&P 500 remains about 6% above its 200-day moving average, but its internal performance has clearly weakened: about half of its constituent stocks have fallen below this long-term moving average. The index remaining at high levels does not mean that most stocks are still in an uptrend.
The sharp rise in memory prices is shifting from a supply problem in the chip industry chain into a margin risk for end-hardware companies such as Apple.
Constraints on AI infrastructure may be extending from how many GPUs can be purchased to whether sufficient and stable power can be connected in time. According to related reports, Anthropic has reached agreements totaling approximately USD 518 billion with multiple companies related to computing…
The oil shock is beginning to show not only in the direction of oil prices, but also in the time dimension of supply tightness. USO has reached an 11-year high, while crude oil futures are in backwardation: near-month prices are higher than longer-dated prices.
The profit distribution of AI infrastructure may increasingly depend on memory, not just GPUs. Micron demonstrated a 512GB DDR5 server memory module that can configure a 24-slot server with up to 12TB.
The European Central Bank has raised interest rates while the Federal Reserve has not yet acted. What merits attention in this policy divergence is not which central bank is more aggressive, but whether the energy shock is moving from oil prices into more persistent components of inflation.
As oil prices break above USD 109 and the 10-year U.S. Treasury yield reaches 5%, high-valuation AI hardware stocks come under pressure, but U.S. stock indexes are not down by much. The S&P 500 is down about 0.6%, the Nasdaq is down 0.8%, and the Dow is down 0.3%.