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

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 

Everspin's execution does not match its monopoly: revenue growth has been inconsistent and margins all over the place, so results look worse than its positioning warrants. It is the world's only at-scale maker of Toggle MRAM, radiation-immune memory the US military uses in missiles, submarines and aerospace. Its new $40M Department of War contract requires it to hand over its process technology if it ever stops making MRAM, and a Microchip partnership adds domestic production in Oregon. x.com 

Everspin is the only US-domiciled, US-manufactured MRAM maker, and its non-volatile, fast, radiation-hardened memory works where flash and DRAM cannot, making it a Pentagon supplier with no alternative. Its 10-year Microchip deal for a copy-exact line in Oregon doubles domestic capacity from H2 2027. Its UNISYST NOR flash replacement targets 5-10% of a $3 billion market, with production in 2027. It had 238 design wins in 2025, up 34%, with 52.7% gross margins and no debt. x.com  x.com  x.com  x.com  … 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 Technologies looks cheap against its sales, trading at 7x sales and 5x next year's when chipmakers usually get 6x. At 6x next year's sales, give or take 12%, fair value is $20.03-$25.49, versus $18.71 now. This is a levels-only read off reported earnings and revenue estimates, with no fundamental work. x.com 

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 

SanDisk could re-rate if NAND pricing holds even partially, because its PEG of about 0.4 assumes the pricing cycle dies next year. NAND prices jumped an estimated 70% and SanDisk rode the entire move, while AI data centers need storage the way they need memory. x.com