Apple stock remains unattractive as memory costs threaten demand and supply. Nikkei reports memory-driven iPhone price hikes dampened demand, with October Pro and Pro Max component orders cut at least 15%; Chinese media instead cite a slight Pro dip and Pro Max rise. Apple may still lack long-term memory supply deals, according to market chatter; Korean analysts expect sharp NAND and DRAM price hikes for Apple early next year. x.com  x.com  x.com  x.com 

Apple fell 6% for good reason: higher memory costs mean it will sell fewer products at higher prices or give up rich margins to hold prices down. iPhone, iPad and MacBook prices are up 20%–30%; if just 5% of users delay upgrades six months, the hit is about $2.7 billion a year. Management would likely cut prices and margins, distracting from the next growth area while a new CEO ramps up. A $4 trillion Apple is expected to keep growing, not act like a dividend stock. x.com  x.com  x.com  x.com  x.com 

Nintendo's low-cost Ocarina of Time remake can draw buyers to Switch 2 and its lifetime software value. Reservations for the New York midnight launch have sold out; the remake's development cost is estimated at $40-80 million versus more than $1 billion for GTA 6, and Nintendo keeps the platform fee. x.com 

Memory makers' pricing power looks unsustainable because betting on a long-term bottleneck is betting against human ingenuity. Memory players are squeezing customers in a way ASML and TSMC historically chose not to; Micron may have the right to get back at Apple, but that hurts long-term relationships, and disregarding the non-AI business could come back to bite. Even if inference demand drives memory prices, as @bnemethbrown argues, whether regular DRAM gets commoditized is still open. x.com  … Show more

Apple was hard to own into earnings, and guidance came in softer than expected. Services guidance was $30.74B versus $31.22B expected, and China $18.8B versus $19.6B. Memory and storage chip prices have quadrupled on AI demand, raising margin fears and pushing Apple to lift Mac and iPad prices up to 25%, with bigger iPhone hikes expected. Shares had surged into the print, so even a beat was priced in, and Siri AI underwhelms. Apple has mostly been rising on fluff news. x.com  x.com 

Nintendo looks attractive at $14 as the Apple of gaming. It makes great, easy-to-use, family-friendly hardware and takes a platform fee on games and apps sold on it. Nintendo Switch Online at $50 a year brings in $1.7 billion of subscription revenue. Pokemon Pokopia, just released, is an evergreen title, and a new Mario movie arrives April 1. x.com  x.com 

SanDisk looks quite cheap despite its huge run, because single-digit forward earnings multiples ignore growth of around 100% a year expected over the next two years. A screen for US companies above $10 billion with forward P/Es under 10 and 25%-plus two-year revenue growth yields just seven names, including SanDisk and Micron. Both are cyclical and may not deserve 30–40x forward multiples, but assigning either a single-digit P/E is crazy. x.com  x.com 

NVIDIA's fiscal 2028 guide of 70% revenue growth is constrained by supply, with customers implying 100% demand growth, which supports a $345 target. Fiscal Q2 revenue of $96.2B, up 106% year over year, beat estimates, and the Q3 guide of $108B tops consensus. Vera Rubin brings about $40B of revenue per gigawatt versus Blackwell's $25B, and a 2 million GPU win at AWS shows share gains versus ASICs. Memory costs pressure gross margin to 71-72% in Q4 before a recovery in fiscal 2028. x.com  x.com 

Zelda: Ocarina of Time preorders suggest Nintendo has another Switch 2 seller despite competition from GTA VI. Its listing shows 100K+ bought in the past month; four Switch 2 games already have 3M+ sales, with a fifth on its way. Hardware sales have been high without the heavy hitters. Pokémon and likely a 3D Mario follow next year, and Pokémon and Zelda fans may have little overlap. x.com  x.com 

Samsung Electronics looks cheap: at a $1.3T market cap, against Nvidia's $4.7T, it earns more operating profit, $55.6B versus $53.5B. The stock is being sold because Samsung ran out of memory to sell in the quarter, which is hardly a reason to sell. x.com  x.com