Episode

2 calls

Morgan Stanley: Memory - Changing Tides > Approaching "Peak Rate of Change": The memor…

x/Jul 7/source only

Morgan Stanley memory note yields two trades: short the DRAM ETF perp on near-term peak-cycle weakness into earnings, and long MU perp for the 2027 Agentic AI earnings ramp.

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DRAM/short

Memory sector hits peak rate of change in pricing, inventory, and EPS revisions — share price weakness expected into earnings.

Approaching "Peak Rate of Change": The memory industry is reaching peak year-over-year pricing, inventory levels, and EPS revision breadth. This could cause the market to move sideways in the near term, leading to expected share price weakness before upcoming earnings reports.

Peak+2.4%

MU/long

Agentic AI ramp drives 35-40%+ memory sector earnings growth in 2027, making near-term weakness in Micron a long-term entry.

Remain bullish for the long haul, projected on sector earnings growing over 35–40% in 2027, propelled heavily by the ramp-up of Agentic AI.

Peak+4.0%

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