The AI Memory Trap: Why the “Cheapest” Chip Stocks Are the Most Dangerous

The picks-and-shovels names powering the AI build-out look unstoppable. History says the moment to fear them is exactly when they look cheapest.

The short version (read this even if you read nothing else)

Every dollar the tech giants — Microsoft, Amazon, Google, Meta — spend building AI data centers is a dollar of revenue for a cluster of suppliers: memory makers like Micron and SanDisk, connectivity chip designers like Credo and Astera Labs, networking and power companies. The market has fallen …