Innlegg

📊 Storage Semis: Crushed in July, Repriced in August This has been one of the biggest narrative shifts of earnings season. July: 📉 SK Hynix posted strong YoY profit growth, but earnings missed expectations. The market focused on fears of a cycle peak, Korean semiconductor stocks sold off sharply, and leveraged investors were hit hard. August: 📈 The narrative has changed. UBS now expects AI-driven memory demand to accelerate, raising its DRAM growth outlook for 2027. SK Hynix is reportedly locking in long-term HBM contracts and expanding capacity. Apple added another signal: 🍎 Despite record quarterly revenue, Apple cited supply constraints, highlighting continued pressure across the memory supply chain. The market is shifting from: ❌ "The memory cycle has peaked" ➡️ to ✅ "AI is creating a structural supply shortage." If this thesis continues to play out, memory manufacturers and upstream suppliers could remain key beneficiaries. 👀 The indicators to watch: • DRAM spot prices • HBM demand trends • Company capex announcements Those metrics often move before stock prices do.