By Jeremy Phillips
Publication Date: 2026-05-28 12:58:00
Everyone’s chasing obvious AI semiconductor names. NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) sits at a $5.15 trillion market cap. Taiwan Semiconductor Manufacturing (NYSE:TSM) is up 39% year to date. And Micron Technology (NASDAQ:MU) just crossed $1 trillion in market cap, joining SK Hynix and Samsung in a memory club that suddenly looks unkillable.
On a recent episode of The AI Investor Podcast, Eric Bleeker and Austin Smith argued the better trade is the company selling picks and shovels to every memory fab on the planet, up 91% in just 2.5 months. Here is the case.
The $1 Trillion Memory Backdrop
Micron’s fiscal Q1 2026 report set records across the board. Revenue of $13.64 billion, up 57% year over year. The Cloud Memory unit nearly doubled to $5.28 billion with a 66% gross margin and 55% operating margin. Q2 guidance is $18.70 billion with a 68% non-GAAP gross margin.
Bleeker on the podcast: “Memory, Micron, SK Hynix, Samsung, they’re all over a trillion dollars right now because they’re getting 80% margins. There are companies that could go back down to 60% and these companies still win in a big way.” The supercycle is real. The question is how to position without paying for stocks that have already tripled.
ACM Research: 91% in 2.5 Months
The AI Investor Podcast recommended ACM Research (NASDAQ:ACMR) on March 13. The stock has climbed from $46.38 to $88.64 since, up 125% year to date.
ACM supplies cleaning, electroplating, furnace, and advanced…
