AI skepticism leaves Nvidia, Broadcom and Micron looking cheap on forward earnings. Their forward P/E ratios are 14, 18 and 5, respectively; the market may eventually stop doubting AI. x.com 

Semiconductors could stay undersupplied for a long time as more capable AI per dollar creates more uses and drives compute demand. Micron and NVIDIA trade at low forward P/Es because investors fear peak cyclical earnings, yet current earnings show no slowdown. Shortages may worsen as AI adoption spreads, though the industry could remain cyclical; a reversal of the forced rollover trade is hoped for, not assured. x.com  x.com  x.com 

Financing risk makes AI-linked growth stocks unattractive to add here. Much of the money reaching suppliers such as Nvidia and Micron is financed, so harder funding would limit spending on chips, compute and memory. The buildout is not over, but stock prices could remain suppressed until it slows. A significant drawdown would make adding appealing; for many high-beta names with weak fundamentals and balance sheets, the highs look to be in. x.com 

AI infrastructure bottlenecks could give eight stocks as much as 18x upside. Nvidia supplies frontier-model GPUs; Broadcom and Marvell supply custom silicon and networking; TSMC makes advanced chips; Micron supplies sold-out HBM; Vertiv provides power and cooling; Palantir monetizes enterprise AI; Alphabet spans TPUs, research, cloud and apps. The list tracks where AI infrastructure spending is flowing. x.com  x.com 

Strong AI demand and hyperscaler spending make the selloff a mid-cycle correction despite neocloud financing stress. Widening CCC spreads expose leveraged firms to higher borrowing costs; US competition with China supports AI buildout. The base case is a bottom in roughly 5-7 days, then stabilization and eventually a broader reversal, though some projects may fail and valuations compress. IREN, Cipher, Nebius, Applied Digital, Micron, AMD, ASML and Intel are worth gradually accumulating. x.com 

NVIDIA, Broadcom, Micron and TSMC should be worth less because AI risk has risen while the expected reward has not. The CEOs of Anthropic, OpenAI, SpaceX and Tesla have said AI risks killing all humans and needs to slow down, yet not a single analyst cut ratings or price targets on these chipmakers. In game-theory terms, higher risk with the same reward makes the bet worse. x.com 

Improving earnings and more attractive valuations favor AI infrastructure names Nvidia, Micron, Broadcom and TSMC. Goldman Sachs charts put memory stocks at about 4 times two-year forward earnings versus an 8 times median, and large fabless chip stocks at about 13 times versus 18 times. x.com 

Micron and SanDisk stand to surge as Nvidia's CFO warns of extreme memory pricing that has exceeded Nvidia's expectations and is headed even higher into next year. Nvidia expects supply to remain a bottleneck through at least the end of FY28, and guided its gross margin to bottom at 71-72% in Q4, with FY28 around 72-73% versus a 74% estimate. x.com 

The AI bull likely needs months of consolidation at minimum because more AI stocks are under distribution at once than at any point since the bull market began. Leadership passed from Nvidia, from 2023 to late 2024, to Palantir, through late 2025, to Sandisk, which topped in 2026. The AI bull can resume if and when new leaders step up. x.com  x.com  x.com  x.com 

Micron, SanDisk, Nvidia and AMD are in gamma squeezes backed by real earnings, so the moves should outlast GameStop's 2021 squeeze. Micron's HBM shortage pinned dealers at $900-$1,000 call walls, SanDisk's 645% data center revenue surge drove a late-stage squeeze, Nvidia's post-earnings call flood made dealers forced buyers, and AMD is testing a $525-$550 gamma wall. Broadcom hinges on June 3 earnings: a beat makes gamma explode, a miss brings an IV crush. x.com