# Semiconductor Podcast Briefing: May 23 – May 29, 2026 > Semiconductor podcast briefing for the week ending May 29, 2026. Micron and SK Hynix both crossed $1T market cap, the SOX tracked its best quarter ever, NVDA beat but sold off on deceleration fears, and Dell guided AI servers to $60B. ## Semiconductor Podcast Briefing ### Week Ending May 29, 2026 --- ```request-access variant: ghost heading: Want this kind of synthesis on your own coverage? buttonText: Request access ``` Drawn from 9 relevant podcast episodes published this week. The dominant narratives: Micron and SK Hynix both crossed the $1 trillion market cap threshold (MU posted its biggest one-month rally since 1987); the SOX is on track for its best quarter ever, surpassing the 1995 dot-com peak; NVIDIA delivered a clean beat but the stock sold off every day post-print on deceleration fears; Dell guided AI servers to $60B and broadened the shortage narrative to CPUs and HDDs; and the bubble debate crystallized around "watts and wafers," supply constraints as a safety valve. ## TL;DR, Five Things That Mattered This Week - **Memory was the trade. MU and SK Hynix both crossed $1T market cap.** MU revenue nearly tripled QoQ, fastest pace since the 1990s. MU is +70%+ in May (biggest one-month jump since December 1987), trading sub-10x forward earnings. UBS roughly tripled its MU price target to imply a ~$1.8T market cap. SanDisk +4,000% over the last 12 months ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D), [The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). - **NVDA printed a clean beat, stock fell anyway.** Revenue and margins above guide (75% GMs), Q2 guide $91B vs. $87B consensus, dividend hiked from $0.01 to $0.25. But "the stock has been down every day since" per Jay Goldberg; Jensen "talked the stock down" focusing the call on robots. Buy-side fixated on 2027 deceleration ([The Circuit, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj3n6mQNSgFnlLNywBbbAUiAmXIwmvIrWI0rH93IZDUGaAM35kArWec6rxp1SGu4QbTZRVI3a2eVuCaP-2F1Pr492IF2JPh2R9btR2Qk0I6zeKg-3D-3DUuex_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wWG95jqtPtwB09FKz1-2FhQpnozGkeWAuXGMdtdVCYm-2BqcL3-2BlBR8z31Tq-2B1Y1hg-2BPayt6QrQogyE8sqaJylreB3pFqID8tkIUMvr0uUOt-2F67tnRJnzUH9MNFuZ5BGDYx-2Fnw-3D-3D)). - **Dell broadened the shortage story.** Dell guided AI servers to $60B, stock +28% on May 29. CEO flagged "serious shortages not only in memory chips... but processors, specifically CPUs, and hard drives, with lead time stretching to at least a year." Morgan Stanley: "one of the most impressive quarters we've seen in our time covering hardware." Susquehanna PT to $700 ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). - **AI pricing power is unprecedented and enterprise demand is "finally catching up."** BofA's Wamsi Mohan: "pricing could be up 50, 60, 70 percent. And yet the demand destruction that people thought might happen is just not visible today." Hyperscaler data center revenue at NVDA grew 12% while "everybody else" grew ~30% ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D), [The Canadian Investor, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiD-2B4iwNZeymI-2BiEKVPsukjY9f0wj5ivCdlFgmXYurH85I0h3r8x5xDIFnTYFDhQBccfZoUQcfn3LmJPqHbBhy7smB75B-2FO4DScLguY3Hu7Qw-3D-3DPhQQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wdxsoooTnPElrVbyKHhcWxpPMg4gP-2BjIbr-2FjbpRai9NdFRy27u-2Bpyh-2BETenUJQMM2A6BBXjvKQDqd6uS7RXDim36cixYtU59l5bkW0vkqyv3S7JdnE0ufYSF1XaF4M6R8Q-3D-3D)). - **China escalation: smuggling, CXMT IPO, Jensen publicly rebuking SMCI.** Taiwanese prosecutors seized ~50 servers being smuggled to China through Japan. Jensen Huang said Supermicro "needs to perhaps tighten up the ship when it comes to compliance," "a rare thing for the NVIDIA CEO to say about one of the company's partners." CXMT IPO filing omits its US entity-list status; claims 7% memory share with 100% growth guided this year ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D), [The Circuit, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj3n6mQNSgFnlLNywBbbAUiAmXIwmvIrWI0rH93IZDUGaAM35kArWec6rxp1SGu4QbTZRVI3a2eVuCaP-2F1Pr492IF2JPh2R9btR2Qk0I6zeKg-3D-3DUuex_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wWG95jqtPtwB09FKz1-2FhQpnozGkeWAuXGMdtdVCYm-2BqcL3-2BlBR8z31Tq-2B1Y1hg-2BPayt6QrQogyE8sqaJylreB3pFqID8tkIUMvr0uUOt-2F67tnRJnzUH9MNFuZ5BGDYx-2Fnw-3D-3D)). --- ## 1. AI Chip Demand & Hyperscaler CapEx (NVDA, AMD, AVGO, MRVL) Wamsi Mohan (Senior IT Hardware Analyst, Bank of America Securities), May 29, 2026, on demand strength following an Asia supply-chain trip: *"We were out in Asia meeting the supply chain back in March. And we came back with a very high conviction that indeed the AI demand is very strong."* On the new enterprise vector: *"Now enterprise is finally catching up to the AI play. And this is happening because agentic is starting to take hold."* On pricing absorption: *"They are absorbing these price increases that are unprecedented... pricing could be up 50, 60, 70 percent. And yet the demand destruction that people thought might happen is just not visible today."* Expects *"several more quarters"* of positive estimate revisions ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). Barry Knapp (Director of Research, Ironside's Macroeconomics), May 29, 2026, framing this as a CapEx cycle and not a bubble: *"I am really trying to make the point that this is going to be a CapEx-driven cycle like the 90s... None of those [stress indicators] are showing any signs that we are in 1999 or 2000."* Last quarter CapEx contributed 1.4% to GDP vs. only 0.9pp from consumption ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). Jay Goldberg on *The Circuit*, May 26, 2026, on NVDA: *"Revenue above guidance, above estimates, good margins, 75% gross margins. And then they guided very strongly. They guided to $91 billion in revenue for next quarter."* But: *"There is apparently an assumption on the buy side that growth will decelerate next year... they basically came in line with the whispers."* On Jensen's call posture: *"Jensen seemed kind of bored. He wants to start talking about something else. He wants to talk about robots... he actually talked the stock down"* ([The Circuit, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj3n6mQNSgFnlLNywBbbAUiAmXIwmvIrWI0rH93IZDUGaAM35kArWec6rxp1SGu4QbTZRVI3a2eVuCaP-2F1Pr492IF2JPh2R9btR2Qk0I6zeKg-3D-3DUuex_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wWG95jqtPtwB09FKz1-2FhQpnozGkeWAuXGMdtdVCYm-2BqcL3-2BlBR8z31Tq-2B1Y1hg-2BPayt6QrQogyE8sqaJylreB3pFqID8tkIUMvr0uUOt-2F67tnRJnzUH9MNFuZ5BGDYx-2Fnw-3D-3D)). Ben Bajarin on *The Circuit*, May 26, 2026, on the custom silicon overhang: *"The belief is that custom XPUs or specialized ASICs or whatnot is just like disruption just lurks around the corner for Nvidia. The same way that this was applied to Apple... Are they going to have 80% share? Are they going to have 40% share? That's a big, big difference in outcomes."* Sized the cycle: *"More than a trillion and a half of just compute infrastructure CapEx for 2030."* He also flagged NVDA's new $200B CPU TAM claim (Vera) with $20B line of sight ([The Circuit, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj3n6mQNSgFnlLNywBbbAUiAmXIwmvIrWI0rH93IZDUGaAM35kArWec6rxp1SGu4QbTZRVI3a2eVuCaP-2F1Pr492IF2JPh2R9btR2Qk0I6zeKg-3D-3DUuex_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wWG95jqtPtwB09FKz1-2FhQpnozGkeWAuXGMdtdVCYm-2BqcL3-2BlBR8z31Tq-2B1Y1hg-2BPayt6QrQogyE8sqaJylreB3pFqID8tkIUMvr0uUOt-2F67tnRJnzUH9MNFuZ5BGDYx-2Fnw-3D-3D)). **CONTRARIAN (same episode):** Jay Goldberg pushed back on NVDA's CPU ambitions: *"I don't fully buy that people are going to be lining up to buy Vera CPUs on a standalone basis... I talked to the Neo clouds last week... their response is basically, we're selling a lot of GPUs. We're not getting a lot of requests for CPUs."* Ed Ludlow (Bloomberg), May 27, 2026, on Marvell pre-earnings: *"In our conversations about custom silicon, we super focus on Broadcom principally. Marvell has XPU, exactly the same idea... if this is happening and we're in a compute deficit, Marvell's a likely winner."* Stock up 100% YTD ahead of print. Caroline Hyde referenced NVIDIA's $2B investment in Marvell in March 2026 ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). Andrew Feldman (CEO, Cerebras Systems), May 26, 2026, made aggressive competitive claims: *"We are 15x faster because of architectural reasons. We will continue to improve over time. I believe the gap will widen."* On NVDA's neo-cloud strategy: *"It has been Nvidia's strategy to try and create competitors for the traditional hyperscalers. I think they have funded and backstopped and overallocated to the neo-clouds. They have created a dependence which is probably not healthy."* Cited a $25B Cerebras backlog and: *"Nvidia has a backlog. AMD has a backlog... because we can't get data centres built fast enough"* ([20VC, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgqgR7syAQqCDqVO-2BIbFzeEIm4HioRqM8lpUD688I5JdJIOEfFOgN2xrxRxjP0iW8ubf8yHXFABfgJb57csBsmrf5qycpc5h-2B9Y8jBb0n4Vw-3D-3DDs9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQVDM32KOtwvKpv3Heww-2BW-2BqueA5IGHSU7-2FlX2EazWskTGG0B6ISkocVyXPtoxYhmQmQgu98aZSFVM7VJl47qwUg4E8uMWh-2BUP4nZDgucAhAoXk-2F0-2B8ufTCcNapCqOR04w-3D-3D)). On the *Tech Disruptors* interview, May 28, 2026: *"I don't think CUDA is a mode. I think the CUDA mode is gone. It's dead. There's no CUDA in inference at all."* Claimed: *"a year ago, 100% of the large US state-of-the-art frontier models had been trained with a CUDA flow. And they have since lost 70% of the market share"* ([Tech Disruptors, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhO2WSBgavWeVS3xQ-2FV4PnAgqxxvt1AOC75O-2BqzhDsRRIjxwDDJaTXyvDQW54ybq1WxQ06FLwByXCovK96Ni5zMupaiwWU6Pond1-2FNKsg2Lxw-3D-3Dae0L_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfM-2BV3Z0R6jtND8vmP-2Frpn9sWzyDAbINyI06kCO-2Bu602oQulZPYMgyhrKwxqhmcM4-2BcnsoLr3CiIhAn56QP7gthcIWGuAn97iuTzKK4J0yhtsKIzZvXNy6oYT7vjcsCJTQ-3D-3D)). Dan Kent on *The Canadian Investor*, May 27, 2026, on NVDA: *"Revenue grew 85% year-over-year, earnings by 140%... data center revenue... is still up 92% year-over-year... it now sits at $75.2 billion."* Guidance *"came in well ahead of expectations, $91 billion versus $87 billion... assumes nothing moves to China. If they actually do ship some chips to China, this is pretty much just pure upside."* New segment disclosure: *"Hyperscaler data center revenue only grew 12% while the everybody else segment grew by around 30%"* ([The Canadian Investor, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiD-2B4iwNZeymI-2BiEKVPsukjY9f0wj5ivCdlFgmXYurH85I0h3r8x5xDIFnTYFDhQBccfZoUQcfn3LmJPqHbBhy7smB75B-2FO4DScLguY3Hu7Qw-3D-3DPhQQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wdxsoooTnPElrVbyKHhcWxpPMg4gP-2BjIbr-2FjbpRai9NdFRy27u-2Bpyh-2BETenUJQMM2A6BBXjvKQDqd6uS7RXDim36cixYtU59l5bkW0vkqyv3S7JdnE0ufYSF1XaF4M6R8Q-3D-3D)). Josh Kale and Ejaz on *Limitless*, May 28, 2026, summarizing Gavin Baker (Atreides, ~$4.1B AUM): Baker believes NVIDIA has a *"clear path to getting close to $10 trillion in market cap. It's only halfway there right now."* Baker's view: *"NVIDIA could sell $2 to $3 trillion of GPUs this year and next year if only TSMC could supply them."* Astera Labs (ALAB) is Atreides' #2 position at 7.4%. Hosts noted: *"Google, Microsoft, Amazon, and Meta are all paying from their own cash reserves... not debt-fueled... Amazon just came to the end of their free cash flow. Now, if they start borrowing money, then we can start to get worried"* ([Limitless, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhko0GND3oA7-2FgrRh-2Bhey50gl9WY4Fci6nqmeA3emgYXlCeRLO9Gk4nM0wBR10-2FL2AtUdBHt4G6vyg8eKcgBvqNbNPtonm3XbmpDnyK-2BYj6TA-3D-3DuJzP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfTXo5jXbvlJX7JeaVc2JEyqm4bIdww8r1HtW63V8dvmQb438PuEUqh-2FJkfNSmMk0gcKrx-2BPODILe977DDnOOJZ50I5634zmQiL2kNiva5qYYuUAvZO0DHDbGMNcz6hj2g-3D-3D)). **CONTRARIAN (medium-term):** Joseph Carlson, May 26, 2026: NVDA *"becoming less cyclical over time. It is structurally changing to be a more durable seller"* but in ~2 years hyperscalers gain power *"by using custom chips, multiple vendors, internal silicon, scaled purchasing"* ([The Joseph Carlson Show, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhRTsj-2FXJYr-2FdESCrtub8RrdK6yyh2TIjR0suvaeCWSKSoC1kp-2Fs95teALtEnfHWZA5VJKcvYBdABtlcDylnGYtz0oCHdcUY7PbUso4PmaHxw-3D-3DXByP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQfWWR-2Fw3MHaiNiE8Nr52S-2BnaYrHoA1poQbsMbQv15v71oXz2VFyoatBAQSC8YLOIZMz7OlYUUz6BJGPxuKmTjnbel92K6XU86u1pgYyQ2JLT5Lb6w-2F50dWEnjOONdyXRg-3D-3D)). Christina Partsinevelis (CNBC), May 29, 2026, noted NVDA is up only ~14% MTD vs. semi ETF +89% MTD: *"NVIDIA is just too large for even blowout earnings to move the needle right now."* Top performers: Micron, Astera Labs, UMC, Arm, AMD ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). --- ```request-access variant: inline heading: Want this kind of synthesis on your own coverage? buttonText: Request access ``` ## 2. Memory Pricing (HBM, DRAM, NAND, MU, SK Hynix, Samsung) The single biggest narrative of the week. Both MU and SK Hynix crossed $1T market cap. Ryan Vlaselica (Bloomberg Equities Reporter), May 27, 2026: *"Micron's revenue nearly tripled last quarter, which was, I think, the fastest pace of growth going back to... the 1990s. Micron is up more than 70% in May by itself, which is the biggest one-month jump since December 1987."* Both MU and SK Hynix +200% YTD with quarterly revenue +200%. Critically, *"Micron's multiple is trading under 10 right now, 10 times forward earnings."* Framed the central debate: *"Is AI changing the cyclical nature of memory overall... or maybe Micron actually is as cheap as it looks?"* Cited an unnamed buy-sider: *"I've actually had someone say to me that he would feel more comfortable if Micron was really expensive right now, because that would indicate maybe a trough level in earnings"* ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). Ed Ludlow (Bloomberg), May 27, 2026, on HBM as the binding constraint: *"We're talking a lot about supply constraints, a shortage of GPUs. But it's not because of the GPU die... It's the corresponding high bandwidth memory is not there."* Caroline Hyde: *"the bottlenecks are going to last through 2027"* ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). Ian King (Bloomberg Senior Semiconductor Reporter), May 27, 2026, on the survivor oligopoly: *"There are only three companies left. The answer is because this has been a horrible market for years... They're survivors, not necessarily thrivers."* Long-term skeptic: *"This is a commodity. One chip from one company can be swapped out for another"* ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). UBS (cited by Vlaselica) approximately tripled their Micron price target to imply ~$1.8T market cap, arguing MU *"deserves to have a multiple that's on par with NVIDIA,"* moving the fair multiple from ~5x to ~15x ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). Wamsi Mohan (BofA Securities), May 29, 2026: *"When we look at the memory side, pricing is still extremely robust. And the leverage in those models is so high that you get very big EPS revisions."* Flagged NAND as the highest-leverage subsector. Noted memory inflation bleeding into iPhone ASPs: *"They are going to go up partly in response to memory"* ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). Christina Partsinevelis (CNBC), May 29, 2026: SanDisk +4,000% in 12 months. Dell's CEO flagged *"serious shortages not only in memory chips... but processors, specifically CPUs, and hard drives, with lead time stretching to at least a year"* ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). Andrew Feldman (CEO, Cerebras), May 26, 2026: *"Memory, after TSMC... is number 2 item that's needed. HBM is made by Samsung and Micron and Hynix. They couldn't keep up. And so the prices shot through the roof."* Claimed: *"Micron producing numbers where they have 80, 85% gross margins. I mean, they're getting software gross margins on memory making memory."* And: *"If demand stays high, we are going to continue to see memory shortages for at least the next several years"* ([20VC, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgqgR7syAQqCDqVO-2BIbFzeEIm4HioRqM8lpUD688I5JdJIOEfFOgN2xrxRxjP0iW8ubf8yHXFABfgJb57csBsmrf5qycpc5h-2B9Y8jBb0n4Vw-3D-3DDs9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQVDM32KOtwvKpv3Heww-2BW-2BqueA5IGHSU7-2FlX2EazWskTGG0B6ISkocVyXPtoxYhmQmQgu98aZSFVM7VJl47qwUg4E8uMWh-2BUP4nZDgucAhAoXk-2F0-2B8ufTCcNapCqOR04w-3D-3D)). Host noted memory costs up *"4, 5x in certain cases."* *Limitless* hosts, May 28, 2026, on SK Hynix as price-maker: *"They are basically the top dog when it comes to AI memory... courting, I think it's like $50 billion, $50 to $100 billion worth of offers from the likes of Google and Microsoft"* for multi-year supply. SK Hynix response per hosts: *"No, I don't want to give you guarantees of our supply. Instead, we'll just hike up the price."* Claimed *"70% operating margin"* (figure unverified) ([Limitless, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhko0GND3oA7-2FgrRh-2Bhey50gl9WY4Fci6nqmeA3emgYXlCeRLO9Gk4nM0wBR10-2FL2AtUdBHt4G6vyg8eKcgBvqNbNPtonm3XbmpDnyK-2BYj6TA-3D-3DuJzP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfTXo5jXbvlJX7JeaVc2JEyqm4bIdww8r1HtW63V8dvmQb438PuEUqh-2FJkfNSmMk0gcKrx-2BPODILe977DDnOOJZ50I5634zmQiL2kNiva5qYYuUAvZO0DHDbGMNcz6hj2g-3D-3D)). **CONTRARIAN, Zaid Admani on *The Rundown*, May 27, 2026:** *"I'm starting to get a little nervous. I feel like memory is still a commodity... Memory is memory. It's kind of like oil."* And: *"If Micron is down like 50 plus percent in a year or two, I wouldn't be shocked"* ([The Rundown, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjikKepvJf47O0DKggRwZVfNNs7m9pf3eD6RZm-2FZGXDC7rEGdQwqDEMJRYDojvYCsU1W8TYTVJOgJDxXME2K8thB-2F5PasDKZer9f-2BXRL6YNUQ-3D-3DKCxH_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wciS0LU5HRRqAvSVn5-2Fj9-2FFW9wSEg0-2B772bn5CBs7KQJvFUuVKLmhNWhHeeI3ifaDrw7YqYKw3XLPaMU8otW-2BHsFO-2F6kDBDQziNuXUA6bNBNp19-2F37nvcgH1YzqwZbri-2Bw-3D-3D)). **CONTRARIAN, Joseph Carlson, May 26, 2026:** *"I believe that memory companies are highly risky to own... benefiting from a one-time massive influx in memory demand, which is likely going to catch up at them at some point... If you own a company like Micron that's trading above a trillion dollar market cap... will it be good when the contracts roll out, when supply catches up? I'm not so sure"* ([The Joseph Carlson Show, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhRTsj-2FXJYr-2FdESCrtub8RrdK6yyh2TIjR0suvaeCWSKSoC1kp-2Fs95teALtEnfHWZA5VJKcvYBdABtlcDylnGYtz0oCHdcUY7PbUso4PmaHxw-3D-3DXByP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQfWWR-2Fw3MHaiNiE8Nr52S-2BnaYrHoA1poQbsMbQv15v71oXz2VFyoatBAQSC8YLOIZMz7OlYUUz6BJGPxuKmTjnbel92K6XU86u1pgYyQ2JLT5Lb6w-2F50dWEnjOONdyXRg-3D-3D)). Nancy Tengler (CEO, LaFontengler Investments), May 27, 2026, actively trimming: *"We're ready for a correction because we get one about once a year. And this has been pretty frothy... We are going to be trimming it [Micron] here shortly, and we will likely add back to it."* Firm added at $366 a few months earlier ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). --- ## 3. Semiconductor Capital Equipment / WFE (ASML, AMAT, LRCX, KLAC) Coverage limited to ASML this week; no material coverage of AMAT, LRCX, or KLAC. Joseph Carlson, May 26, 2026, constructive bull on ASML as the most durable Phase 1 winner: *"ASML is not only a cyclical company that sells into this shortage, but they're also a little bit more up on the hierarchy. They sell these massive devices that are installed and then they're used for decades. And they have massive service contracts."* Called ASML an *"outright monopoly making the EUV machines... Without it, you can't really make anything."* ASML +39% YTD and +113% over the past year. He owns it personally ([The Joseph Carlson Show, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhRTsj-2FXJYr-2FdESCrtub8RrdK6yyh2TIjR0suvaeCWSKSoC1kp-2Fs95teALtEnfHWZA5VJKcvYBdABtlcDylnGYtz0oCHdcUY7PbUso4PmaHxw-3D-3DXByP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQfWWR-2Fw3MHaiNiE8Nr52S-2BnaYrHoA1poQbsMbQv15v71oXz2VFyoatBAQSC8YLOIZMz7OlYUUz6BJGPxuKmTjnbel92K6XU86u1pgYyQ2JLT5Lb6w-2F50dWEnjOONdyXRg-3D-3D)). *Limitless* hosts, May 28, 2026: *"ASML produces these $400 million machines, which basically TSMC and every major chip fab manufacturer needs... they're backlogged for like five years right now"* ([Limitless, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhko0GND3oA7-2FgrRh-2Bhey50gl9WY4Fci6nqmeA3emgYXlCeRLO9Gk4nM0wBR10-2FL2AtUdBHt4G6vyg8eKcgBvqNbNPtonm3XbmpDnyK-2BYj6TA-3D-3DuJzP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfTXo5jXbvlJX7JeaVc2JEyqm4bIdww8r1HtW63V8dvmQb438PuEUqh-2FJkfNSmMk0gcKrx-2BPODILe977DDnOOJZ50I5634zmQiL2kNiva5qYYuUAvZO0DHDbGMNcz6hj2g-3D-3D)). Andrew Feldman (CEO, Cerebras), May 26, 2026, on ASML as export-control chokepoint: *"The chip industry requires you to go through TSMC and TSMC requires you to go through ASML or Samsung. There are reasonable choke points to manage those challenges"* ([20VC, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgqgR7syAQqCDqVO-2BIbFzeEIm4HioRqM8lpUD688I5JdJIOEfFOgN2xrxRxjP0iW8ubf8yHXFABfgJb57csBsmrf5qycpc5h-2B9Y8jBb0n4Vw-3D-3DDs9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQVDM32KOtwvKpv3Heww-2BW-2BqueA5IGHSU7-2FlX2EazWskTGG0B6ISkocVyXPtoxYhmQmQgu98aZSFVM7VJl47qwUg4E8uMWh-2BUP4nZDgucAhAoXk-2F0-2B8ufTCcNapCqOR04w-3D-3D)). --- ```request-access variant: inline heading: Want this kind of synthesis on your own coverage? buttonText: Request access ``` ## 4. Foundry & Manufacturing (TSM, INTC, GFS) Zaid Admani on *The Rundown*, May 27, 2026: Jensen Huang announced NVIDIA will spend $150 billion per year in Taiwan going forward, and is breaking ground on a Taiwan HQ campus called "Constellation" opening in 2030 housing ~4,000 employees (4x current footprint). TSMC stock +4% on the announcement; Taiwanese market hit record highs ([The Rundown, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjikKepvJf47O0DKggRwZVfNNs7m9pf3eD6RZm-2FZGXDC7rEGdQwqDEMJRYDojvYCsU1W8TYTVJOgJDxXME2K8thB-2F5PasDKZer9f-2BXRL6YNUQ-3D-3DKCxH_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wciS0LU5HRRqAvSVn5-2Fj9-2FFW9wSEg0-2B772bn5CBs7KQJvFUuVKLmhNWhHeeI3ifaDrw7YqYKw3XLPaMU8otW-2BHsFO-2F6kDBDQziNuXUA6bNBNp19-2F37nvcgH1YzqwZbri-2Bw-3D-3D)). Caroline Hyde (Bloomberg), May 27, 2026: *"TSMC chief CeCe Wei told staff that they'll see more than a 30% bump in profit-sharing payouts this year on average."* Samsung union approved a deal with *"an average bonus about $340,000"* averting a strike that *"had threatened to disrupt global chip supply"* ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). Andrew Feldman (CEO, Cerebras), May 26, 2026, on fab capacity lumpiness: *"You can't just add a little bit of manufacturing capacity at a fab. You have to build a fab for $40 billion and takes 5 years to build... It's a step function in your ability to meet that demand. And the step is huge and takes years."* Cerebras' supply-chain advantage: *"We're at 5nm and the 3nm node is the most oversubscribed. Our supply chain is advantaged on these dimensions... We don't use CoWoS."* On policy: wants TSMC/Samsung granted *"a 20-year period free from all local ordinances"* to build US fabs ([20VC, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgqgR7syAQqCDqVO-2BIbFzeEIm4HioRqM8lpUD688I5JdJIOEfFOgN2xrxRxjP0iW8ubf8yHXFABfgJb57csBsmrf5qycpc5h-2B9Y8jBb0n4Vw-3D-3DDs9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQVDM32KOtwvKpv3Heww-2BW-2BqueA5IGHSU7-2FlX2EazWskTGG0B6ISkocVyXPtoxYhmQmQgu98aZSFVM7VJl47qwUg4E8uMWh-2BUP4nZDgucAhAoXk-2F0-2B8ufTCcNapCqOR04w-3D-3D)). Feldman (*Tech Disruptors* interview, May 28, 2026): *"TSMC is also constrained on their 3 nanometer line. And they're constrained on what's called CoWoS, a process that NVIDIA uses,"* Cerebras avoids both, removing binding constraints ([Tech Disruptors, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhO2WSBgavWeVS3xQ-2FV4PnAgqxxvt1AOC75O-2BqzhDsRRIjxwDDJaTXyvDQW54ybq1WxQ06FLwByXCovK96Ni5zMupaiwWU6Pond1-2FNKsg2Lxw-3D-3Dae0L_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfM-2BV3Z0R6jtND8vmP-2Frpn9sWzyDAbINyI06kCO-2Bu602oQulZPYMgyhrKwxqhmcM4-2BcnsoLr3CiIhAn56QP7gthcIWGuAn97iuTzKK4J0yhtsKIzZvXNy6oYT7vjcsCJTQ-3D-3D)). *Limitless* hosts, May 28, 2026, summarizing Baker: TSMC is *"one of the major linchpins of bubble territory,"* if TSMC tripled capacity overnight, hyperscalers would absorb it instantly. The supply constraint is the safety valve ([Limitless, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhko0GND3oA7-2FgrRh-2Bhey50gl9WY4Fci6nqmeA3emgYXlCeRLO9Gk4nM0wBR10-2FL2AtUdBHt4G6vyg8eKcgBvqNbNPtonm3XbmpDnyK-2BYj6TA-3D-3DuJzP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfTXo5jXbvlJX7JeaVc2JEyqm4bIdww8r1HtW63V8dvmQb438PuEUqh-2FJkfNSmMk0gcKrx-2BPODILe977DDnOOJZ50I5634zmQiL2kNiva5qYYuUAvZO0DHDbGMNcz6hj2g-3D-3D)). **Intel (INTC):** Simon Béranger on *The Canadian Investor*, May 27, 2026: Intel stock went from $43 on March 27 to $118 by ~May 27, 2026: *"Intel is probably the poster child for that, where they're still facing significant losses... but just the hype around any kind of semiconductor play just seems to be just through the roof right now."* Dan Kent: *"Still posting losses, still not profitable"* ([The Canadian Investor, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiD-2B4iwNZeymI-2BiEKVPsukjY9f0wj5ivCdlFgmXYurH85I0h3r8x5xDIFnTYFDhQBccfZoUQcfn3LmJPqHbBhy7smB75B-2FO4DScLguY3Hu7Qw-3D-3DPhQQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wdxsoooTnPElrVbyKHhcWxpPMg4gP-2BjIbr-2FjbpRai9NdFRy27u-2Bpyh-2BETenUJQMM2A6BBXjvKQDqd6uS7RXDim36cixYtU59l5bkW0vkqyv3S7JdnE0ufYSF1XaF4M6R8Q-3D-3D)). Joseph Carlson, May 26, 2026, on TSMC: *"TSMC is a very durable seller. It's not some highly cyclical stock... immense pricing power"* ([The Joseph Carlson Show, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhRTsj-2FXJYr-2FdESCrtub8RrdK6yyh2TIjR0suvaeCWSKSoC1kp-2Fs95teALtEnfHWZA5VJKcvYBdABtlcDylnGYtz0oCHdcUY7PbUso4PmaHxw-3D-3DXByP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQfWWR-2Fw3MHaiNiE8Nr52S-2BnaYrHoA1poQbsMbQv15v71oXz2VFyoatBAQSC8YLOIZMz7OlYUUz6BJGPxuKmTjnbel92K6XU86u1pgYyQ2JLT5Lb6w-2F50dWEnjOONdyXRg-3D-3D)). **GlobalFoundries (GFS):** No material coverage this week. --- ## 5. Analog / Auto / Industrial Semis (TXN, ADI, MCHP, ON, NXPI, STM) No material coverage this week. None of the 9 relevant episodes discussed analog, auto, or industrial semiconductor names. A notable absence given the AI/memory-dominated narrative: these names appear to be off the podcast/buy-side radar in this week's coverage. --- ```request-access variant: inline heading: Want this kind of synthesis on your own coverage? buttonText: Request access ``` ## 6. China / Export Controls / Tariff Impact Mike Shepard (Bloomberg Senior Tech Editor), May 27, 2026, on a new smuggling vector: *"Taiwanese prosecutors suspect three individuals of smuggling NVIDIA AI chips to China through Japan"* via falsified shipping documents. *"Authorities managed to seize about 50 of these servers before they were actually shipped."* At least one shipment is believed to have gotten through. Supermicro servers were implicated (neither NVDA nor SMCI accused of wrongdoing). Jensen Huang himself commented that Supermicro *"needs to perhaps tighten up the ship when it comes to compliance and oversight of their customers,"* described as *"a rare thing for the NVIDIA CEO to say about one of the company's partners."* Japan is a new smuggling vector vs. prior routes through Thailand/Singapore ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). Zaid Admani on *The Rundown*, May 27, 2026: *"The Chinese government has blocked the import of NVIDIA chips. So now there's a growing black market to get them into China... I wouldn't be surprised if we see more headlines like this moving forward"* ([The Rundown, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjikKepvJf47O0DKggRwZVfNNs7m9pf3eD6RZm-2FZGXDC7rEGdQwqDEMJRYDojvYCsU1W8TYTVJOgJDxXME2K8thB-2F5PasDKZer9f-2BXRL6YNUQ-3D-3DKCxH_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wciS0LU5HRRqAvSVn5-2Fj9-2FFW9wSEg0-2B772bn5CBs7KQJvFUuVKLmhNWhHeeI3ifaDrw7YqYKw3XLPaMU8otW-2BHsFO-2F6kDBDQziNuXUA6bNBNp19-2F37nvcgH1YzqwZbri-2Bw-3D-3D)). Dan Kent on *The Canadian Investor*, May 27, 2026: NVDA's Q2 guide of $91B *"assumes nothing moves to China. If they actually do ship some chips to China, this is pretty much just pure upside on the current guidance"* ([The Canadian Investor, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiD-2B4iwNZeymI-2BiEKVPsukjY9f0wj5ivCdlFgmXYurH85I0h3r8x5xDIFnTYFDhQBccfZoUQcfn3LmJPqHbBhy7smB75B-2FO4DScLguY3Hu7Qw-3D-3DPhQQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wdxsoooTnPElrVbyKHhcWxpPMg4gP-2BjIbr-2FjbpRai9NdFRy27u-2Bpyh-2BETenUJQMM2A6BBXjvKQDqd6uS7RXDim36cixYtU59l5bkW0vkqyv3S7JdnE0ufYSF1XaF4M6R8Q-3D-3D)). Andrew Feldman (CEO, Cerebras), May 26, 2026, took the most hawkish position of the week (notable given it runs against his own interest): *"If you remove me and you remove Jensen, you remove Lisa and you remove everybody in the chip industry... if we sell leading edge technology to China, will their military use it? Everybody says yes... I don't agree with [the engagement argument]."* Framed China as an *"industrial adversary"* citing solar, lithium batteries, autos. Policy recommendation: keep adversaries *"more than downrev"* ([20VC, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgqgR7syAQqCDqVO-2BIbFzeEIm4HioRqM8lpUD688I5JdJIOEfFOgN2xrxRxjP0iW8ubf8yHXFABfgJb57csBsmrf5qycpc5h-2B9Y8jBb0n4Vw-3D-3DDs9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQVDM32KOtwvKpv3Heww-2BW-2BqueA5IGHSU7-2FlX2EazWskTGG0B6ISkocVyXPtoxYhmQmQgu98aZSFVM7VJl47qwUg4E8uMWh-2BUP4nZDgucAhAoXk-2F0-2B8ufTCcNapCqOR04w-3D-3D)). Caroline Hyde (Bloomberg), May 27, 2026: ByteDance considering *"as much as $70 billion this year to build out data centers and other AI infrastructure"* and may boost to ~$100B next year, a major Chinese hyperscaler CapEx datapoint ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). --- ## 7. Earnings Reactions Christina Partsinevelis (CNBC), May 29, 2026: The SOX is having its best year on record, on track for its fifth straight quarterly gain, potentially its best quarter ever, beating the 1995 dot-com record ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). | Ticker | Reaction | Key Quote | Source | | --- | --- | --- | --- | | NVDA | Beat + raised guide ($91B Q2 vs. $87B est), 75% GMs, dividend hiked from $0.01 to $0.25; stock fell every day post-print on 2027 deceleration fears | "Jensen seemed kind of bored... he actually talked the stock down" (Jay Goldberg) | The Circuit, May 26, 2026 | | NVDA | New segment disclosure: hyperscalers ~50% of DC revenue, growing 12% YoY; "everybody else" growing ~30% (addressing concentration fears) | "Hyperscaler data center revenue only grew 12% while the everybody else segment grew by around 30%" (Dan Kent) | The Canadian Investor, May 27, 2026 | | DELL | +28% on May 29; AI server guide raised to $60B; Susquehanna upgraded to outperform, PT $700 | "One of the most impressive quarters we've seen in our time covering hardware" (Morgan Stanley, via Mohan) | The Exchange, May 29, 2026 | | MU | Revenue nearly tripled QoQ (fastest since 1990s); +70%+ in May (biggest one-month jump since Dec 1987); both MU and SK Hynix crossed $1T market cap | "Micron is up more than 70% in May by itself, which is the biggest one-month jump since December 1987" (Ryan Vlaselica) | Bloomberg Tech, May 27, 2026 | | MRVL | Pre-print: stock +100% YTD into earnings; positioned as Broadcom-style custom-silicon winner | "If this is happening and we're in a compute deficit, Marvell's a likely winner" (Ed Ludlow) | Bloomberg Tech, May 27, 2026 | | INTC | $43 (Mar 27) to $118 (~May 27) on AI/semis hype despite still posting losses | "Intel is probably the poster child for that, where they're still facing significant losses" (Simon Béranger) | The Canadian Investor, May 27, 2026 | Wamsi Mohan on the rolling earnings wave, May 29, 2026: *"When NVIDIA first had those blowout quarters... then you go back to the last couple of quarters here with the memory names, incredible growth... Right now it's the hardware names, incredible growth"* ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). --- ```request-access variant: inline heading: Want this kind of synthesis on your own coverage? buttonText: Request access ``` ## 8. M&A / Merger Chatter Andrew Feldman (CEO, Cerebras), May 26, 2026, confirmed pre-IPO acquisition interest but declined: *"We didn't want to sell the company. I think there are always conversations where people are trying to see if you have interest... we weren't interested in that approach."* No acquirer named. Post-IPO Cerebras is now a potential acquirer: *"That includes acquiring companies, that includes investing in companies"* ([20VC, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgqgR7syAQqCDqVO-2BIbFzeEIm4HioRqM8lpUD688I5JdJIOEfFOgN2xrxRxjP0iW8ubf8yHXFABfgJb57csBsmrf5qycpc5h-2B9Y8jBb0n4Vw-3D-3DDs9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQVDM32KOtwvKpv3Heww-2BW-2BqueA5IGHSU7-2FlX2EazWskTGG0B6ISkocVyXPtoxYhmQmQgu98aZSFVM7VJl47qwUg4E8uMWh-2BUP4nZDgucAhAoXk-2F0-2B8ufTCcNapCqOR04w-3D-3D)). Andrew Feldman referenced NVIDIA's reported acquisition of Grok (the inference chip company) as evidence *"the GPU simply can't do fast inference"* ([Tech Disruptors, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhO2WSBgavWeVS3xQ-2FV4PnAgqxxvt1AOC75O-2BqzhDsRRIjxwDDJaTXyvDQW54ybq1WxQ06FLwByXCovK96Ni5zMupaiwWU6Pond1-2FNKsg2Lxw-3D-3Dae0L_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfM-2BV3Z0R6jtND8vmP-2Frpn9sWzyDAbINyI06kCO-2Bu602oQulZPYMgyhrKwxqhmcM4-2BcnsoLr3CiIhAn56QP7gthcIWGuAn97iuTzKK4J0yhtsKIzZvXNy6oYT7vjcsCJTQ-3D-3D)). Otherwise no traditional M&A chatter this week. --- ## 9. Cyclicality, Inventory, Peak/Trough Debates The most actively debated topic of the week. Bulls and bears split sharply. ### Bull Case, "It's Not a Bubble" - Andrew Feldman (CEO, Cerebras), May 26, 2026: *"The infrastructure buildout is behind demand... We are trying to keep up with demand, not the other way around. And I don't think that's a characteristic of a bubble."* Explicitly contrasted with 1990s fiber optic and 19th-century railroad bubbles which were built ahead of demand ([20VC, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgqgR7syAQqCDqVO-2BIbFzeEIm4HioRqM8lpUD688I5JdJIOEfFOgN2xrxRxjP0iW8ubf8yHXFABfgJb57csBsmrf5qycpc5h-2B9Y8jBb0n4Vw-3D-3DDs9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQVDM32KOtwvKpv3Heww-2BW-2BqueA5IGHSU7-2FlX2EazWskTGG0B6ISkocVyXPtoxYhmQmQgu98aZSFVM7VJl47qwUg4E8uMWh-2BUP4nZDgucAhAoXk-2F0-2B8ufTCcNapCqOR04w-3D-3D)). - Barry Knapp (Ironside's Macroeconomics), May 29, 2026, coined the term *"earnings bubble"* but emphasized no leverage/credit stress: *"None of those are showing any signs that we are in 1999 or 2000"* ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). - Gavin Baker (Atreides, via *Limitless* hosts), May 28, 2026: *"It's not a bubble if you can't oversupply the entire market. We are constrained by the fact that we don't have enough picks and shovels to do the thing."* Three anti-bubble pillars: (1) no hyperscaler debt, (2) real AI lab revenues, (3) physical supply constraints (TSMC + memory = "watts and wafers") ([Limitless, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhko0GND3oA7-2FgrRh-2Bhey50gl9WY4Fci6nqmeA3emgYXlCeRLO9Gk4nM0wBR10-2FL2AtUdBHt4G6vyg8eKcgBvqNbNPtonm3XbmpDnyK-2BYj6TA-3D-3DuJzP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfTXo5jXbvlJX7JeaVc2JEyqm4bIdww8r1HtW63V8dvmQb438PuEUqh-2FJkfNSmMk0gcKrx-2BPODILe977DDnOOJZ50I5634zmQiL2kNiva5qYYuUAvZO0DHDbGMNcz6hj2g-3D-3D)). - Christina Partsinevelis (CNBC), May 29, 2026: *"The reason chips keep climbing is just pretty simple. Demand is outpacing supply at every level of the stack... the industry just can't build fast enough to keep up"* ([The Exchange, May 29, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOisf6u1Fy75V4KM-2B7-2BLOcXqFKkvOGGwA8pEWz-2FDWlD29Z6ACNaUw-2BxTiPdGRLKQD2OJ9CW-2BS66-2FtA8dibXjnkGUzLgijLSFofwu0J-2Fdqk4TQA-3D-3DHk_w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wUylEAupm6ZpJMjNIMDpgCahigaqGlqIKisfQCD-2FIvMZD-2BGkbEt8ldIxNKWUFxIUp-2Fc1qIpIPcYl84WAIvHQqJLvdp4RSvF8tlXQ9xyNygAGOfiW-2B6-2BraD0wzaEX5KWk5g-3D-3D)). ### Bear / Caution Case - Joseph Carlson, May 26, 2026, laid out the most explicit three-phase framework: Phase 1 (scarcity, sellers win, NVDA, TSMC, HBM, AVGO, ASML); Phase 2 (most dangerous, normalization, supply catches demand, cyclical re-rates lower); Phase 3 (~2 years out, hyperscalers gain pricing power via custom silicon). Explicitly avoiding memory at current levels ([The Joseph Carlson Show, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhRTsj-2FXJYr-2FdESCrtub8RrdK6yyh2TIjR0suvaeCWSKSoC1kp-2Fs95teALtEnfHWZA5VJKcvYBdABtlcDylnGYtz0oCHdcUY7PbUso4PmaHxw-3D-3DXByP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wQfWWR-2Fw3MHaiNiE8Nr52S-2BnaYrHoA1poQbsMbQv15v71oXz2VFyoatBAQSC8YLOIZMz7OlYUUz6BJGPxuKmTjnbel92K6XU86u1pgYyQ2JLT5Lb6w-2F50dWEnjOONdyXRg-3D-3D)). - Josh Kale on *Limitless*, May 28, 2026, contrarian to Baker: *"I think we're certainly in a bubble. Where we are in that bubble is to be debated. It seems like it's in the earlier stages"* ([Limitless, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhko0GND3oA7-2FgrRh-2Bhey50gl9WY4Fci6nqmeA3emgYXlCeRLO9Gk4nM0wBR10-2FL2AtUdBHt4G6vyg8eKcgBvqNbNPtonm3XbmpDnyK-2BYj6TA-3D-3DuJzP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfTXo5jXbvlJX7JeaVc2JEyqm4bIdww8r1HtW63V8dvmQb438PuEUqh-2FJkfNSmMk0gcKrx-2BPODILe977DDnOOJZ50I5634zmQiL2kNiva5qYYuUAvZO0DHDbGMNcz6hj2g-3D-3D)). - Simon Béranger on *The Canadian Investor*, May 27, 2026: *"It does feel like there's a lot of froth in that corner of the market [semiconductors/AI]... just 5 names were more than 25% of the S&P 500... it must be over 35–40% if you include the smaller ones... if that part of the market pulls back, it'll affect the whole index"* ([The Canadian Investor, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiD-2B4iwNZeymI-2BiEKVPsukjY9f0wj5ivCdlFgmXYurH85I0h3r8x5xDIFnTYFDhQBccfZoUQcfn3LmJPqHbBhy7smB75B-2FO4DScLguY3Hu7Qw-3D-3DPhQQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wdxsoooTnPElrVbyKHhcWxpPMg4gP-2BjIbr-2FjbpRai9NdFRy27u-2Bpyh-2BETenUJQMM2A6BBXjvKQDqd6uS7RXDim36cixYtU59l5bkW0vkqyv3S7JdnE0ufYSF1XaF4M6R8Q-3D-3D)). - Zaid Admani on *The Rundown*, May 27, 2026, on memory specifically: *"Historically, memory has been a brutal boom and bust industry... I feel like the supply and demand will come into balance eventually. I mean, it could take a couple of years, maybe even longer"* ([The Rundown, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjikKepvJf47O0DKggRwZVfNNs7m9pf3eD6RZm-2FZGXDC7rEGdQwqDEMJRYDojvYCsU1W8TYTVJOgJDxXME2K8thB-2F5PasDKZer9f-2BXRL6YNUQ-3D-3DKCxH_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wciS0LU5HRRqAvSVn5-2Fj9-2FFW9wSEg0-2B772bn5CBs7KQJvFUuVKLmhNWhHeeI3ifaDrw7YqYKw3XLPaMU8otW-2BHsFO-2F6kDBDQziNuXUA6bNBNp19-2F37nvcgH1YzqwZbri-2Bw-3D-3D)). - Ryan Vlaselica (Bloomberg), May 27, 2026, cited an unnamed buy-sider's classic peak-earnings worry: MU's sub-10x forward PE could be the trough multiple on peak EPS signal, not a value signal ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). - Nancy Tengler (LaFontengler), May 27, 2026, actively trimming Micron: *"We're ready for a correction because we get one about once a year. And this has been pretty frothy."* But maintains a structural bull view: *"This is a productivity-driven bull market"* ([Bloomberg Tech, May 27, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjVzYQp2jzDrDO5Kslw72Ge11RpvwYxGlgeHOon-2BmdBRxTQNbO1-2F6YtFpiU92N0qntXpdY9YVXYeGqZhPjuIhePSl2wSF320egVS13lHF7Iqw-3D-3DBUxo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wbxK2Ls6SESvL7Ok-2FURXmpnSy4r3Ny-2BhNpOqcu0KpRFF9LhMwXUrYfMULKzwKd-2BwhFvfsUeMGYRxYB5DSorwECcGdRq-2FpwCbl088Zqo8v8JLOgB4Mp5nNj748LQYoa0zPQ-3D-3D)). - Ben Bajarin on *The Circuit*, May 26, 2026, offered a structural rebuttal to memory cyclicality fears: *"Memory a long time ago being a standardized product... that's increasingly less of a dynamic in custom ASICs and GPUs and CPUs. It's not going to operate like a standardized industry,"* i.e., HBM/custom memory may have escaped commodity-cycle dynamics ([The Circuit, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj3n6mQNSgFnlLNywBbbAUiAmXIwmvIrWI0rH93IZDUGaAM35kArWec6rxp1SGu4QbTZRVI3a2eVuCaP-2F1Pr492IF2JPh2R9btR2Qk0I6zeKg-3D-3DUuex_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wWG95jqtPtwB09FKz1-2FhQpnozGkeWAuXGMdtdVCYm-2BqcL3-2BlBR8z31Tq-2B1Y1hg-2BPayt6QrQogyE8sqaJylreB3pFqID8tkIUMvr0uUOt-2F67tnRJnzUH9MNFuZ5BGDYx-2Fnw-3D-3D)). --- ```request-access variant: inline heading: Want this kind of synthesis on your own coverage? buttonText: Request access ``` ## 10. China Indigenization (SMIC, CXMT, Huawei) Jay Goldberg on *The Circuit*, May 26, 2026, gave the most detailed CXMT (Chongqing Memory Technologies) coverage of the week. CXMT is filing to go public *"in the next couple weeks probably."* Key data points: - *"They say they have 7% market share. The big three have 90% share. So they're small, but they're growing. They grew 160% two years ago, 150% last year. And then I think they're forecasting 100% growth this year."* - *"They were losing money two years ago, barely profitable last year. And this year they're going to make a ton of money because pricing."* - CXMT does NOT mention HBM in its filing. Two theories: *"One theory is they're just not ready... On the other hand, I could also see this being a sensitive subject that they don't want to talk about."* - CXMT is on the US entity list but does not disclose this: *"The most interesting thing to me about the filing is what was not in it. They do not mention the fact that they are on the entity list, that they are not allowed to sell to U.S. customers... It's completely absent from the filing. There's one very oblique reference to geopolitical tension. That's it."* - CXMT DDR5 has already been found in *"a gaming card that you can buy in the U.S... I imagine there are a lot of consumer electronics in the U.S. that have CXMT memory in it."* Goldberg's bottom line on the CXMT threat to MU/SK Hynix/Samsung: *"It's not going to crush the memory cycle anytime soon, maybe a few years from now... they're just getting into DDR5. They're not a price maker. They're a price taker"* ([The Circuit, May 26, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj3n6mQNSgFnlLNywBbbAUiAmXIwmvIrWI0rH93IZDUGaAM35kArWec6rxp1SGu4QbTZRVI3a2eVuCaP-2F1Pr492IF2JPh2R9btR2Qk0I6zeKg-3D-3DUuex_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wWG95jqtPtwB09FKz1-2FhQpnozGkeWAuXGMdtdVCYm-2BqcL3-2BlBR8z31Tq-2B1Y1hg-2BPayt6QrQogyE8sqaJylreB3pFqID8tkIUMvr0uUOt-2F67tnRJnzUH9MNFuZ5BGDYx-2Fnw-3D-3D)). *Limitless* hosts, May 28, 2026, summarizing Baker on Chinese indigenization: *"China has a very unique opportunity to create infrastructure or chips specifically that are going to look very different to what the U.S. is creating because they're focused so much on inference"* ([Limitless, May 28, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhko0GND3oA7-2FgrRh-2Bhey50gl9WY4Fci6nqmeA3emgYXlCeRLO9Gk4nM0wBR10-2FL2AtUdBHt4G6vyg8eKcgBvqNbNPtonm3XbmpDnyK-2BYj6TA-3D-3DuJzP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUpftDlpo5LMjOLCyRlxvv09VDK45nhvS1pVAotHeq1wfTXo5jXbvlJX7JeaVc2JEyqm4bIdww8r1HtW63V8dvmQb438PuEUqh-2FJkfNSmMk0gcKrx-2BPODILe977DDnOOJZ50I5634zmQiL2kNiva5qYYuUAvZO0DHDbGMNcz6hj2g-3D-3D)). No specific coverage of SMIC or Huawei Ascend this week. --- ## What I'm Watching Next Week - **MRVL post-print reaction.** Marvell reported May 27 evening with the stock +100% YTD into the print on lofty expectations as a Broadcom-style custom-silicon comp. Watch whether the "compute deficit benefits MRVL" narrative was already in the price. - **CXMT IPO filing details and US policy response.** The IPO is expected to price in the coming weeks. Watch for HBM disclosure additions, US export-control or sanctions reaction to a Chinese memory company tapping global capital markets while on the entity list, and any read-through to MU/SK Hynix sentiment. - **NVDA price action and buy-side flow.** Stock down every day since the May 26 print despite the raised guide; the key test is whether deceleration concerns get reset by Computex/sovereign deal news or if the multiple compression continues. The new hyperscaler vs. "ACIE" segment disclosure may need a quarter to be re-rated. - **Memory pricing checkpoints.** Watch DRAM/NAND spot prices and the SK Hynix vs. hyperscaler supply negotiation outcome (the reported $50–100B in offers from Google/MSFT). Any sign that hyperscalers will accept price hikes vs. demand multi-year price/quantity commitments shifts the cyclicality debate. - **Dell read-throughs and PM positioning.** Mohan flagged PMs hitting semis concentration limits and rotating into hardware proxies (Dell, HPE, NetApp, Pure, Seagate, WDC). Watch HPE/SMCI/NTAP/STX/WDC for follow-through and whether the $60B Dell AI guide pulls up the rest of the OEM cohort. --- ## Sources Episodes from Bloomberg Tech, The Exchange (CNBC), The Circuit, The Canadian Investor, 20VC, Tech Disruptors, Limitless, The Joseph Carlson Show, and The Rundown, May 23 to May 29, 2026. ```request-access variant: banner heading: Run your own corpus. description: matterfact is deployed with select institutional partners. Request access to run it on your own coverage. buttonText: Request access ```