The signal I watch most is hyperscaler capex. Memory prices and inventories can fluctuate, but continued spending from Microsoft, Meta, Amazon and Google would confirm that AI demand is still expanding. I also think open-weight AI models could increase overall demand by encouraging more enterprises to deploy AI.
For my portfolio, I'll stay focused on fundamentals instead of short-term volatility. If supply continues to grow much slower than AI demand, I believe the memory market can remain structurally tight for the next few years, making pullbacks potential buying opportunities rather than reasons to panic.
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