BofA on Jensen Huang's potential departure: "A hypothetical departure of CEO Jensen Huang would challenge confidence in NVDA's strategy and innovation cadence. But, assuming no unexpected financial exposure, a leadership shock need not imply irrecoverable franchise risk. Supply-chain scale, fullstack innovation and ecosystem gravity are NVDA’s durable moats, well supported by a less-visible yet highly effective internal R&D and operating bench." $NVDA

BofA sees a multi-year memory super-cycle extending through 2028, with market revenue reaching $0.97T in '26, $1.47T in '27, and $1.58T in '28. Strong ASPs, stable contract prices, and high bit growth are expected to yield a 2028 soft landing, with DRAM revenue up 10% and NAND revenue up 3% YoY. $MU $DRAM $EWY $SKHY $SNDK

BofA mentioned their investors meeting in HK reflected a more bearish sentiment towards memory compared to August/September, with most investors stating it's hard to find new catalysts that would surprise the market. $MU $DRAM $EWY $SKHY