US Hardware And Semiconductors Sector Specialist Commentary

This report provides a weekly update on US Hardware and Semiconductor sectors, highlighting memory cycle optimism, AI infrastructure capex, and inflationary pricing pressures on consumer devices like the iPhone.

Key Takeaways

• 1.Memory (MU) remains a crowded long with rising ASP trends driven by AI demand, though investors are cautious about valuation in this new cycle.
• 2.Global AI capex forecasts for 2030 raised to $5.5 trillion, with a shift in monetization narrative toward compute scarcity and agentic AI workloads.
• 3.Apple expects to raise product prices to offset memory cost inflation, a significant change in stance for the consumer hardware sector.

Table of Contents

• MU Buyside Bars
• Companies that sounded better
• Companies that sounded Neutral-ish
• Companies that sounded more cautious
• Hot or Not (Positioning)
• Key Research

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