The Crash Before The Crash? Memory Stocks Implode As AI Credit Stress Explodes
The crash before the crash?
Memory stocks have collapsed some 40% from their peaks, approaching the damage normally seen during full-blown downcycles. Yet memory prices remain firm, inventories are extremely tight, and order visibility extends well into 2027 and beyond. Meanwhile, credit markets are increasingly questioning the sustainability of the AI investment boom, with NVIDIA and Broadcom spreads widening despite exceptional operating performance. Has the market already priced in a crash that hasn't arrived?