Has Memory Bottomed?

Summary

Avi Felman and Jonah Van Bourg discuss whether memory has bottomed after a 30–40% correction, arguing that AI adoption is just beginning and the sector offers attractive risk/reward. They highlight AI hyperscalers, gold, and Bitcoin as bullish opportunities while downplaying oil spike risks from Iran tensions. Avi also flags Centrus Energy as a nuclear play tied to a U.S.-Saudi deal.

• Memory stocks (INTC, MU) have corrected sharply but AI compute demand remains strong, creating a high reward-to-risk buy opportunity.
• Only 2.2% of U.S. households have paid AI subscriptions, suggesting the AI mega-trend is in its first inning and will benefit hyperscalers (MSFT, META, GOOGL).
• Gold is praised as a phenomenal buy near $4,000 support with a target of $4,800, driven by reflexive central bank buying and technical strength.
• Bitcoin is expected to perform well as markets stabilize, with a potential bottom in crypto.
• The Iran conflict is unlikely to cause a sustained oil price spike because Trump will manage tensions to protect markets.
• A nascent nuclear theme: the U.S.-Saudi deal and uranium enrichment play via Centrus Energy (LEU) is flagged for further research.
• Korean $26B margin-call wipeout illustrates extreme retail leverage in AI stocks, a contrarian signal of strong trend conviction.