If you mean roughly Micron up to US$1,000/share and SanDisk up to US$2,000/share, that would imply extraordinary gains from current levels and would require a very different earnings profile from today's industry. Memory is in a strong cycle The bullish case is based on: AI servers driving unprecedented demand for HBM and DRAM Memory supply remaining disciplined NAND inventories largely normalised Data centre spending still growing rapidly Key beneficiaries include Micron Technology and SanDisk. What would justify those prices? For Micron: A share price of US$1,000 would likely require earnings to be many times higher than current cycle peaks. Even assuming a premium AI multiple, Micron would need to become one of the world's largest semiconductor profit generators, approaching the scale o
The recent rally was driven by three major factors: Lower oil prices The preliminary US-Iran agreement raised hopes that oil exports through the Strait of Hormuz will normalise. Brent crude fell below US$80/barrel, easing inflation concerns. � Reuters +1 Lower inflation expectations Cheaper energy reduces pressure on the US Federal Reserve to tighten monetary policy. Investors are now more comfortable owning growth and technology stocks. � Reuters +1 Risk appetite returned The Dow closed at fresh record highs. The S&P 500 remains near all time highs despite some profit taking in AI stocks. Volatility has fallen from recent peaks. � AP News +1 Is this a new bull market? The evidence suggests the US market remains in a bull market: Indicator Status Dow Jones Record high S&P 500 Near
I would not describe it as "too late", but I would say the risk-reward is less attractive than it was before the rally. Gold tends to move in long cycles. Investors who buy only after a strong rise often experience a period of sideways or negative returns even if the longer term trend remains intact. For a dividend investor, there is also an important difference: STI Gold Generates dividends No income Benefits from earnings growth No earnings Suitable for income goals Mainly for wealth preservation More volatile in economic downturns Often acts as a hedge If your objective is monthly income, STI or other dividend paying investments are generally more aligned with that goal than gold. If your objective is capital preservation and diversification, holding some gold can make sense. A practica
If you are investing for 10+ years Buying at an all time high is not necessarily a problem. Historically, markets spend a lot of time making new highs. Investors who wait for a correction often miss years of compounding. If you are investing a large lump sum today Be cautious. The STI has risen more than 25% over the past year and dividend yields have compressed somewhat as prices increased. � The Kopi Notes +1 You could consider: Invest 30% to 50% now Dollar cost average the remainder over 6 to 12 months If your goal is dividend income The STI still offers attractive yields of roughly 3.5% to 4% depending on the measure used, which remains higher than many developed market indices. � The Kopi Notes +2 Main risk now The STI is heavily concentrated in banks. If: Interest rates fall faster t