There's a problem with memory. I'm a memory bull and think a strong concentration is critical for any AI portfolio. But I do think the market's obsession around it is overblown compared to where we're at R/R wise with $1T market caps across the board. What irks me about the current market is that everyone just gets fixated on one theme at a time. Right now, that's memory. If memory is down, "it's over". If memory is up, there is exuberance about the future. Memory stocks should not be the sentiment leader. This is a highly controversial trade and therefore it is extremely volatile and sensitive to every little piece of information, wreaking havoc on the tape. At current PE's these co's are sitting somewhere in between being seen as a cyclical and being not. I don't see why it needs to dictate how we feel about the AI complex. If memory really is cyclical and supply can catch up in 27-28, guess what it has NO impact on the long term potential of AI. In fact, cheaper memory is extremely bullish for the AI industry, robotics, wearables, consumer? If memory gets crushed, it's a bubble inside a bubble, other AI names that are secular will continue to scale as this technology grows in impact and TAM. It's possible memory names can double again from here in the short/near term and get treated like structural companies in the future of tech at 15-20x PE ratios. This would be like equivalent of oil with the arrival of automobile ---> commodity producing oil companies trade at secular multiples ever since. But is a double really that interesting? I don't think there's asymmetrical upside here worth gambling your life over for the R/R on memory at these levels. I've even heard reports of suicides in Korea after a 30% drawdown, not sure if that's true but again the set ups here with market caps at $1T just aren't worth it for extreme concentration? Again, I'm bullish and think memory is the mother of all bottlenecks - a really important piece of every AI portfolio and I'm long at these levels SNDK, MU etc. But the obsession around it is certainly overblown. $SNDK $MU $STX $WDC $EWY