The bull case today's selloff is testing. Per Morgan Stanley's takeaways from NVIDIA's non-deal roadshow, NVIDIA expects the memory shortage to persist for years — notable because NVIDIA has the best visibility into AI demand of anyone. Read against the SK Hynix cut: if demand is intact and the cut is about HBM4 *timing* and mix, today is a ramp-schedule repricing, not a thesis break. That is the distinction to resolve.
A few thoughts after reading Morgan Stanley’s takeaways from NVIDIA’s NDR: 1. NVIDIA expects the memory shortage to persist for several years. This is particularly notable coming from NVIDIA—a company that arguably has the best visibility into global AI demand and one of the
The bull case today's selloff is testing. Per Morgan Stanley's takeaways from NVIDIA's non-deal roadshow, NVIDIA expects the memory shortage to persist for years — notable because NVIDIA has the best visibility into AI demand of anyone. Read against the SK Hynix cut: if demand is intact and the cut is about HBM4 timing and mix, today is a ramp-schedule repricing, not a thesis break. That is the distinction to resolve.
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