How to bet against the AI memory boom

Micron has gained 138% year-to-date on a narrative sold to retail as insatiable AI demand. The data underneath is a Samsung memory division running DRAM ASP up in the low-90% range quarter-on-quarter against bit-shipment growth one order of magnitude smaller, a $73.3 billion Samsung capex commitment for 2026, and a Micron FY29 consensus that lands materially below the FY27 peak on every analyst panel. The May 12–18 chip pullback that culminated with Seagate CEO Dave Mosley’s May 18 remarks at the J.P.