• AI Supercycle Demand: High Bandwidth Memory (HBM) and DRAM shortages drive record pricing power.
• Massive Earnings Growth: Fiscal 2026/2027 projected EPS and revenue surges dwarf historical baselines.
• Tight Supply Window: New factory capacity remains offline until late 2027 or 2028, protecting margins.
• Valuation Edge: Forward P/E multiples trade cheaper than peers like NVIDIA.
📉 Risk Evaluation & Historical Analogies
• Cyclical Trapped-Door: Historically, memory chips run on brutal boom-and-bust inventory cycles.
• Total Loss Potential: A sudden hyperscaler spending freeze can collapse gross margins overnight.
• Mitigation Strategy: Size positions strictly; do not treat a cyclical commodity player like a permanent software monopoly.
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