Name: 🔴 1000x LIVE: Has Memory Bottomed?
Uploaded: 2026-07-22T17:02:42+00:00
Duration: 3355 s

Speakers

Avi Felman — Principal, GoldenTree Asset Management

Jonah Van Bourg — Head of Trading, Cumberland / ex-Vitol

Summary

Avi Felman and Jonah Van Bourg discuss whether the memory stock crash has bottomed and identify investment opportunities across memory, AI hyperscalers, biotech, energy, uranium, gold, and crypto. Avi believes memory offers asymmetric upside after the 30-40% drawdown, while Jonah sees a mega trend in AI subscriptions driving hyperscaler growth. Geopolitical risks from Iran are viewed as manageable for markets.

Memory stocks (Micron, SK Hynix, Samsung, Intel) have corrected sharply on leverage unwinding but AI demand remains strong, offering a favorable risk/reward entry.
Avi Felman advocates repositioning into memory for a bounce and later rotating profits into biotech and energy.
Jonah Van Bourg highlights that paid AI subscriptions are only at 2.2% penetration, implying a long runway for hyperscalers like Microsoft, Meta, and Google.
The US-Saudi nuclear deal supports uranium demand; Avi is bullish on URA and is researching Centrus Energy as a downstream beneficiary.
Gold is showing a compelling technical setup at $4,000 support, backed by central bank buying and reflexive dynamics.
Jonah notes crypto may have temporarily bottomed as the Clarity Act odds improve.
Iran war escalation is expected to continue but not derail markets due to Trump's market sensitivity and pipeline rerouting.

Ideas

Avi Felman Principal, GoldenTree Asset Management 10:54

Memory stocks offer asymmetric upside after correction.

AI compute buildout is accelerating, OpenAI and others are doubling down on compute despite model efficiency gains, meaning demand for memory is not over. Memory stocks (Micron, SK Hynix, Samsung, Intel) have corrected 30-40% from highs, creating an asymmetric risk/reward with 2-3x upside vs ~30% downside, making this a good entry point for the next leg of the memory trade.

Avi Felman Principal, GoldenTree Asset Management 13:28

Biotech sector shows relative strength.

Biotech stocks have held up well during the market drawdown and represent the next stage of portfolio allocation as profits are taken from the memory trade, implying relative strength and potential for gains.

Avi Felman Principal, GoldenTree Asset Management 13:28

Energy sector attractive for next allocation.

As part of the next leg after memory, energy is an area to allocate to, suggesting it is attractive for further gains.

Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 18:30

Hyperscalers benefit from AI adoption wave.

AI adoption is still in its first inning. Paid AI subscription penetration is only 2.2% of US households, mirroring early e-commerce, and will rise dramatically, driving revenue to cloud hyperscalers like Microsoft, Meta, and Google. This is a mega trend with significant long-term upside.

Avi Felman Principal, GoldenTree Asset Management 27:07

Uranium demand rises on nuclear deals.

The US signed a deal with Saudi Arabia to build nuclear plants, increasing uranium demand. The speaker is bullish on uranium, which he has been for a while via URA ETF.

Avi Felman Principal, GoldenTree Asset Management 27:34

Centrus Energy may gain from nuclear build.

Centrus Energy (enrichment and reactor services) could benefit from nuclear reactor buildouts and uranium enrichment demand. The stock has pulled back a lot, and the speaker is researching it as a downstream play on nuclear; no position yet but interest exists.

Avi Felman Principal, GoldenTree Asset Management 42:40

Gold buy with tight stop at $4,000.

Gold has a strong technical setup with $4,000 support holding for weeks. Central banks (including potentially Japan) are accumulating, and gold is a reflexive asset where buying begets buying. Risk/reward is attractive with a tight stop below 4K and a target near 4,800.

Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 44:26

Crypto may have temporarily bottomed.

The odds of the Clarity Act passing are ticking back up, and crypto may have temporarily bottomed out, providing relief for a significant portfolio holding.

🔴 1000x LIVE: Has Memory Bottomed?

Summary

Ideas

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