Silicon Motion's new products are taking off and driving another blowout quarter. It remains a solid core holding, though it is a bit expensive after the rally; dips below $200 would be an opportunity to add. x.com 

Silicon Motion sells the NAND controller nobody can design around, as wafer output is allocated into 2027 and every die needs one. Qualification with Micron, SK hynix and hyperscalers takes years per socket, so won share moves slowly, though Phison and in-house teams fight for each design. Latest-quarter revenue grew 127% with 48% gross and 22% operating margins, net cash and a 0.70 PEG at 14.9x forward. The risk: top-five customers dominate revenue and NAND is brutally cyclical. x.com 

Phison looks less solid because it wants to remain a contract manufacturer rather than compete with its customers. In conversations, management stressed avoiding NAND price exposure to keep margins higher, and reliance on OEMs has stifled its ability to innovate where it matters. x.com  x.com 

Micron's surging memory revenue points to a supercycle. Its segment and NAND revenue charts show a sharp recent acceleration, while the stock tests its rising 30-week average. x.com 

Blaize fits the shift to hybrid AI, where edge inference becomes key. Phison CEO Pua Khein-Seng says the most reasonable architecture handles simple, high-token tasks locally on small systems and offloads complex ones to the cloud, which validates Blaize's business model, and its revenue is growing fast. Its racks could add AI capacity at tower cells for future AI vehicles, and its potential P/S is attractive, but it burns a lot of cash and holds relatively little. x.com  x.com 

Silicon Motion's merchant-controller moat is widening, making it one of the cleanest growth-at-a-reasonable-price semiconductor plays. Gross margins held near 46.5%, insulated from NAND spot swings, and Edge AI is speeding a shift to higher-priced PCIe Gen5 and UFS 4.0 controllers. Enterprise SSD wins are on schedule, and NAND makers moving capex to HBM are cutting controller R&D, handing SKUs to Silicon Motion. It trades near 15 times ex-cash forward earnings with no debt. x.com 

SK hynix's buyback signals that management believes memory has become less cyclical, which the market doesn't yet price at 4x forward earnings. It announced a $29B buyback and cancellation and changed its policy to return at least 50% of free cash flow, from up to 50%. With long-term contracts, AI as a commodity with constant demand, and demand from AI devices and humanoids, memory should stay in high demand for years, and bottom-cycle multiples should be much higher than in the past. x.com 

Silicon Motion looks cheap for its forward growth after crushing earnings. Hedgeye, which counts it among its top long ideas, says its guidance beat Bloomberg consensus by 23 percentage points and calls it a relatively unknown storage play that should be more resilient in the volatile memory cycle. x.com 

Kioxia trades closer to 2x forward EPS once the cash it will generate is counted, despite eye-popping results. April-June revenue rose 415% and GAAP EPS 4,506% year over year; on sell-side estimates it trades at 3x next-twelve-month EPS, and that year's net income is about a third of its market cap. Even if this is peak earnings, they should stay strong for years, generating enough FCF to buy back 50-100% of the float. Five-year LTAs near record prices are a good business decision. x.com  x.com  … Show more

Micron should go higher long term because its net income is so high that it is holding up against broad macro selling; it is up 34%+ this year and might be up 60%+ without the Iran war. The latest earnings beat was no surprise, since Samsung's 100% NAND price hike versus 33-38% estimates let investors model gross margin of 73-75% back in January; Micron reported 74.9%. Repricing happens before earnings as fundamentals change, so the report merely confirmed it. x.com  x.com  x.com  x.com  x.com  x.com