3 posts
AI-grade HBM swallowed commodity DRAM and flipped pricing power for the first time in 30 years. The past, present, and future of the reversal, Big Tech's chipflation, and the 2028 to 2030 signals for when cost power flips back.
Samsung, SK Hynix, Micron, and SanDisk compared across three frameworks: revenue growth, P/S normalization, and SOTP. Top Pick SK Hynix (+42%), Samsung's memory implied P/S 5.19x (-22% discount vs SK), and Micron's 16.7x peer-leading premium.
Samsung, SK Hynix, Micron, and SanDisk all surged 420% to 4,109% in a year. Per-share price is misleading; market cap divided by revenue (P/S) shows who's really cheap. SK 40 / Samsung 30 / SanDisk 20 / Micron 10 explained in plain English.