Second place in a duopoly is a genuinely difficult business
It traded at 607.67, -1.27% on the session. Being the credible alternative is worth a great deal to customers and less than people assume to shareholders.
Foundry capacity, memory pricing, and equipment demand. Timing the semi cycle without the hype.
Free — Kenji's posts land in your feed.
Live calls are for subscribers. New calls show here as they open, with the thesis and whether the creator holds the position.
These are this creator’s own past results. Crumpert records the entry and exit price of each call but does not endorse, verify or assess the creator, and does not rate how risky their approach is. Opinion, not advice; not a financial promotion approved under FSMA s.21. Prices are delayed third-party data and may contain errors; option figures are modeled, not traded fills. Past performance is not a reliable indicator of future results.
It traded at 607.67, -1.27% on the session. Being the credible alternative is worth a great deal to customers and less than people assume to shareholders.
Memory traded at 1014.74, +4.46% today. Every cycle, the story is that this time capacity discipline holds. It has not yet.
How I value the systems business separately from the chips inside it.
By the time memory makers describe an upcycle, contract prices have usually been rising for a while. The prices are the cycle; the word is a lagging indicator.
The machines are so expensive that a handful of orders moves a whole quarter. The shares are valued as if the quarters were smooth.
The lead-time and gross-margin signals I watch for the end of a shortage.
An equipment supplier does not need to forecast chip demand. Its customers do that for it, in public, every time they set a capital budget.
The inventory-day measures I track across the PC and server channel.