Executive Summary
Steve Milunovich identifies AI as a late-cycle technological bubble distinct from the dot-com's mid-cycle dynamics, creating specific investment implications for infrastructure plays. Memory stocks have surged hundreds of percent in six months as capacity constraints drive pricing power, with Micron trading at $431 after explosive gains from $61 lows. However, this mirrors the 1973 oil crisis supply shock pattern rather than sustainable demand growth. Nvidia's $2 billion CoreWeave investment exe...
Key Investment Opportunity
Memory Semiconductor Supply Constraint Play
Acute memory shortages driving unprecedented pricing power, but late-cycle dynamics suggest timing-sensitive opportunity
...and 2 more investment opportunities
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