Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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Equity Bottom-Up

<ul>
<li>Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.</li>
<li>NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.</li>
<li>We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.</li>
</ul>


Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.
NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.
We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.


Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron

Micron Technology

Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron