memory stocks cooked

i've made some points earlier in my article yesterday and today's move validated my thesis, so we see nasdaq massive dump today:

- projection for
$MU
doesnt make sense anymore because its ridiculously projected to generate 40% of entire market cap in combined operating income across 2026 & 2027

- overvaluation is concentrated, closely echoing the dot-com top, when a small number of mega-cap growth names traded at extreme multiples alongside a much larger

- valuation-spread metrics sees the gap between the most expensive and most undervalued segments of the market currently sits around the:
90th–95th percentile when looking at value alone.

- LLMs are clearly useful, but usefulness does not guarantee attractive economics. Rapid GPU obsolescence, heavy reinvestment needs, weak customer lock-in, and converging model quality could turn AI models into a commoditized, capital-intensive business rather than a source of durable excess returns.

- unusual concentration of mega-IPOs in a single year, with such magnitude of recent and upcoming offerings is a classic late-cycle signal

- some leading AI model companies’ growth has already exceeded what historical base rates would suggest as sustainable and a pattern that is unlikely to persist indefinitely.

https://x.com/arndxt_xo/status/2077417759617753144