But I don't remember anybody forecasting that all of a sudden AI data centers will be buying up so much of the world's RAM that the rest of us would be scrging for leftovers. >> Can I actually ask about that. So I heard there's a data center RAM crunch and I thought, oh, it's because Nvidia is selling a lot of GPUs today centers.Don't the GPUs use a different RAM. Don't they use VRAM. They have their video RAM.It's on a slightly different standard, but fundamentally all the memory is coming from just a few ...

Core Viewpoint - The memory industry is entering a historic upcycle driven by artificial intelligence (AI), with companies like Micron Technology (MU.US) and Sandisk (SNDK.US) expected to benefit significantly from this trend [1][2]. Group 1: Market Trends - DRAM and NAND spot prices have seen significant year-on-year increases of 408% and 165% respectively in November, indicating a strong upward trend in pricing [1]. - The average selling price of DRAM is projected to rise by 35% quarter-on-quarter in Q4 and by 10% in Q1 2026, driven by ongoing supply constraints [1]. - NAND prices are also expected to increase by 15% in Q4 and by 7% in the following quarter, reflecting similar supply dynamics [1]. Group 2: Historical Context - Historically, DRAM upcycles last about 8 months with an average price increase of 53%, while NAND upcycles last around 6 months with a 40% average price increase [2]. - Currently, the DRAM upcycle is in its 5th month with prices up 55% from the trough, and the NAND upcycle is in its 4th month with prices up 51% from the trough [2]. Group 3: Competitive Landscape - Major players like Samsung and SK Hynix, which control approximately 70% of the global DRAM market, are shifting focus towards high-end chips, planning to phase out DDR4 production by late 2025 to early 2026 [3]. - Tech giants such as Google, Amazon, Meta, and Microsoft are expected to invest $400 billion in AI infrastructure this year, further driving demand for memory chips [3]. Group 4: Supply Dynamics - The memory chip industry is experiencing a "super cycle," with manufacturers aggressively stockpiling chips due to surging demand [4]. - Semiconductor distributors report a significant increase in demand over the past couple of months, with customers adopting strategies of ordering double or triple the usual quantities [4].

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Group 1 - The core viewpoint is that Bank of America has downgraded Stellantis (STLA.US) from "Buy" to "Neutral," reducing the target price from $16.5 to $11.75, indicating that it is too early to consider bottom-fishing despite a significant stock decline [1][2] - Stellantis is expected to see a recovery in U.S. sales driven by the launch of key models, but the European market remains a concern due to its disadvantage in the electric vehicle sector and increasing competition [1][2] - The new CEO Antonio Filosa faces challenges, including low U.S. sales and tariffs on Mexican imports, which account for 40% of Stellantis' U.S. sales, while new models will not significantly impact until FY2026 [2] Group 2 - Stellantis' performance is anticipated to be weak, with Bank of America projecting an adjusted EBIT of €2.5 billion for the first half, which is 15% lower than market expectations, and forecasts for FY2025 and FY2026 EBIT also below market consensus [2] - On a positive note, Stellantis' profitability is expected to rebound, with a projected 13% year-over-year revenue growth in the U.S. for FY2026, primarily driven by new Jeep and RAM models [3] - Strategic choices, including potential brand restructuring or splitting the group into North American and other operations, could support valuation and improve performance outlook [3]