A Tale of Two Memories: 2026 Global AI Capital Expenditure Restructuring – Short HBM Overcrowding, Long eSSD Value Reversion HBM Overcrowding & Push-outs The HBM (High Bandwidth Memory) trade has become the most overcrowded position across the global semiconductor market. Forward P/E for leading HBM chip suppliers has surpassed historical 90th percentile levels, signaling that market expectations for the next three years are already fully priced in. Global hyperscaler deployments have shifted from parameter-heavy training workloads to large-scale inference operations, reducing the marginal dependence on extreme bandwidth per GPU card. Physical deployment constraints, particularly power limitations in hyperscale data centers and deployment delays in GPU clusters, have triggered order pu
Memory and Chip Stocks Open Higher! Bull Trend Returns?
Memory and semiconductor stocks opened higher, with Micron (MU) and SanDisk (SNDK) showing the strongest rebound momentum in the chip sector. Micron’s HBM3e capacity has reportedly been fully booked through 2027, while SanDisk is benefiting from the memory upgrade cycle driven by AI smartphones. In related leveraged products, CSOP 2x Long SK Hynix surged more than 21%, while CSOP 2x Long Samsung Electronics jumped over 15%, highlighting strong bullish sentiment across the memory segment.
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