AI Memory Demand Sparks Chip Rally; Micron Hits Record

Morning brief: AI Memory Demand Sparks Chip Rally; Micron Hits Record

An unstoppable wave of AI data-center optimism and memory chip shortages is violently reshaping the semiconductor landscape, sparking a sector-wide rally that crushed the broader market on Friday. Micron skyrocketed 15.5% to record highs as surging DRAM and NAND prices, fueled by server demand and geopolitical constraints, prove memory is a strategic chokepoint. SNDK surged 16.6% in sympathy with this memory supercycle, while AMD leaped 11.4% on blowout earnings, an AI cloud pact with Rackspace, and rumors that turbulence in OpenAI's custom chip deal with AVGO could send more business its way. IREN popped 7.6% after unveiling a $2.1 billion infrastructure partnership with Nvidia. Conversely, CRWV plunged 11.4% as wider Q1 losses and towering capex forecasts highlighted the brutal costs of scaling. This hardware dominance cements a continuation of the staggering 1Y AI momentum trade. Watch for aggressive capacity grabs by hyperscalers to drive sentiment at Monday's open.

Posture: Building Cash. The AI memory and chip rally is extremely hot; prioritizing cash preservation while adding to reasonably valued foundries.

The day's moves on the ledger

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