Everspin now looks somewhat overvalued, because its monopoly in discrete MRAM does not justify current valuations. x.com 

Everspin's 38.6% surge to $18.28 after its Q1 beat has likely pulled forward much of the near-term upside: at about $425M, or 7x trailing sales, it already prices in much of 2026-2027 growth. Product sales grew 28% to $14.1M and a $40M defense contract bridges about $16M a year, but reaching $25-$30 needs quarterly revenue above $20M, hinging on July 2026 STT-MRAM qualification and a Microchip ramp with recurring orders not due until 2H 2027. Litigation costs weigh on GAAP income. x.com 

Everspin Technologies is a high-risk MRAM pure play that could multiply if MRAM scales. Microchip's onshore MRAM foundry deal secures a second source, and expanded production feeds directly into revenue, with defense, space and AI-edge memory demand as beneficiaries. The real test is 2027-2029, when mass production, customer growth and revenue must show up; today expectations exceed results. Risks include a small, volatile company, customer concentration, an early market and production delays. … Show more

Microchip's long-term foundry deal with Everspin adds quality option value and strengthens its standing as a US specialty manufacturer, though the stock still hinges on inventory, utilization, margins and debt. Microchip will make Everspin's MRAM and TMR sensor wafers at its Oregon Fab 4 for at least ten years, putting idle capacity to work as an ITAR-ready onshore source. First shipments target late 2027 and volumes are small, so the near-term earnings impact is limited. x.com  x.com  x.com  x.com  … Show more

Everspin's MRAM rally makes little sense, as the market is not that large and there is no MRAM monopoly. Absent an unknown breakthrough using MTJs for AI, there is no reason for the bid, and the space angle, raised by @ryandonovan23, fails because data centers will never be in space. x.com  x.com  x.com 

Everspin's case rests on follow-on Department of Defense programs within 18 months; if they do not come, the thesis is wrong. Kerrisdale's short report is right that the valuation is disconnected from fundamentals and revenue has stagnated for five years, but wrongly treats the $40M contract as a revenue event rather than a domestic capability buildout. It also underplays LEO satellites, about 10% of revenue, where Toggle MRAM's radiation hardness matters. The Q2 report on August 6 is next. … Show more

Everspin's MRAM story already looks priced in on expectations. It needs a clearer catalyst showing visibility into space-computing infrastructure before the shares can move higher. x.com 

Everspin is among the weak small caps that would be hit hardest if multiples compress for AI infrastructure suppliers, and it does not deserve a $600M valuation. x.com 

Everspin Technologies is a unique memory supercycle play alongside Micron and SanDisk, as the only public standalone pure-play on MRAM, which pairs SRAM's speed with keeping data without power. TSMC and Samsung offer MRAM only as an embedded feature. Everspin has similar beta to Micron and SanDisk on a much smaller market cap, so it should swing harder, and it just had phenomenal earnings. The weekly chart shows strong support; the last buy signal brought a roughly 450% rally. x.com  x.com 

NVE Corporation's spintronics technology is no longer a joke, and its earnings transcripts reveal a wide range of applications. With fringe technologies suddenly far more valuable, its IP may find new uses and a surge in demand, even if management, long content with high-margin niches, does not radically change. It is a quantum-adjacent pure play paying about a 6% dividend that has escaped the quantum craze, partly because spintronics is a different niche and investor relations is inactive. … Show more