The key point is that rising memory prices are no longer an isolated semiconductor story. They are spreading downstream—from smartphones to GPUs and AI infrastructure. Xiaomi’s adjusted profit fell 42.6% year over year as higher memory costs squeezed margins, while Intel’s Arc Pro B70 prices have reportedly risen sharply in some markets.

That tells me pricing power currently sits upstream. But I would not blindly chase memory stocks after their huge run. The better strategy is to own the suppliers with strong pricing power, healthy balance sheets and long-term AI demand, while avoiding companies whose margins are being compressed.

In short: follow the money upstream, but wait for valuation to give you an entry point. The Treasury’s intervention may calm bonds temporarily, but it does not solve the underlying memory shortage.

@Marktomarket [正经]