$AAPL is paying roughly $70 per 12GB LPDDR5X RAM chip for its iPhone 17 lineup
Up from the $25–29 range at the beginning of 2025
As long-term contracts are renegotiated at much higher prices, memory companies’ earnings will continue soaring
$MU $SSNLF $HXSCL

Merry Christmas to everyone who celebrates
$NBIS and $AMD deserve a special mention here
Super happy with this fantastic 2025
Enjoy your time with your families, but not too much
You can always squeeze in a couple of extra investor presentations before the year ends

I’d say we’re at this point when it comes to space data centers
$GOOG will start launching prototype satellites in 2027, which would be the beginning of the slope of enlightenment
By the late 2030s, space data center costs could fall below those of terrestrial data centers, starting the plateau of productivity

The $NBIS hype seems a bit dead
The company is building its largest AI campus, and it’s getting less attention than even minor news from a few months ago
That’s bullish

$AMD nears China rollout of AI chip as Alibaba weighs major order
According to MLex, $BABA plans to buy 40,000 to 50,000 MI308 accelerators.

5 themes that will outperform in 2026:
•Data centers
•UAS and CUAS
•Automation
•Crypto
•Solar

Here are all the data center deals announced so far:
(By Total Deal Value)
1. $NBIS | Nebius Group
· Project: Vineland AI cloud campus
· Location: Vineland, New Jersey, United States
· Tenant: Microsoft
· IT load: 300 MW
· Duration: 5 years
· Total deal value: $17.4B
· Total capex: $9.0B
2. $GLXY | Galaxy Digital
· Project: Helios campus lease, Phase I plus Phase II
· Location: Texas, United States
· Tenant: Galaxy Digital as the landlord
· IT load: 572MW
· Duration: 15 years
· Total deal value: $10.5B
· Total capex: $9B
3. $CORZ | Core Scientific
· Project: CoreWeave HPC hosting rollout acros

Here are all the data center deals announced so far:
(By Total Deal Value)
1. $NBIS | Nebius Group
· Project: Vineland AI cloud campus
· Location: Vineland, New Jersey, United States
· Tenant: Microsoft
· IT load: 300 MW
· Duration: 5 years
· Total deal value: $17.4B
· Total capex: $9.0B
2. $GLXY | Galaxy Digital
· Project: Helios campus lease, Phase I plus Phase II
· Location: Texas, United States
· Tenant: Galaxy Digital as the landlord
· IT load: 393 MW
· Duration: 15 years
· Total deal value: $10.5B
· Total capex: $0.9B
3. $CORZ | Core Scientific
· Project: CoreWeave HPC hosting rollout ac

6-Month Share Dilution of Data Center Plays
$SLNH +397.5%
$DGXX +79.9%
$HIVE +43.0%
$IREN +26.3%
$APLD +24.5%
$GLXY +10.9%
$WULF +8.9%
$MARA +7.5%
$CIFR +6.4%
$NBIS +5.8%
$RIOT +4.1%
$HUT +3.7%
$BITF +1.7%
$CLSK -9.0%

6-Month Share Dilution of Data Center Plays
$SLNH +397.5%
$DGXX +79.9%
$HIVE +43.0%
$IREN +26.3%
$APLD +24.5%
$GLXY +10.9%
$WULF +8.9%
$MARA +7.5%
$CIFR +6.4%
$RIOT +4.1%
$HUT +3.7%
$BITF +1.7%
$CLSK -9.0%

Samsung Lands xAI Deal, Signals 2nm Ramp in Texas
$SSNLF Foundry has secured a deal with Elon Musk’s xAI to manufacture custom AI chips at its Taylor, Texas fab, a meaningful win as it works to revive its foundry business
$SSNLF has ordered three EUV tools from $ASML, signaling a 2nm production ramp. The Taylor facility, part of a $17B investment, is now expected to begin operations in early 2026, with production scaling through 2027
xAI joins $TSLA as the second Musk-led company working with $SSNLF Foundry, reinforcing its push to close the gap with $TSM in advanced AI chips

Godfather of AI Warns of an AI Bubble
$NVDA $AMD $ORCL $AVGO
Geoffrey Hinton says the AI boom risks becoming a bubble not because the tech fails, but because companies are ignoring the social shock from mass job losses.
“These guys are really betting on AI replacing a lot of workers,” Hinton said. “I don’t think people are factored in enough, the massive social disruption that will cause.”
With Big Tech set to spend hundreds of billions on AI, Hinton warns their models assume society can absorb unemployment without political backlash or a collapse in demand.
“If you do get huge increases in p

I find it very surprising that the data center theme is not exhausted at all
Given what is happening and what is coming, I would expect sky high valuations across anything related to it
Yet we still have $NVDA at 25x NTM earnings, $GOOG at 28x, $AMD at 38x, $MU at 13x, $AMAT at 27x, $CRDO at 43x, and $AVGO at 36x
Even prices for pure data center plays like $CIFR, $IREN, $WULF, and $NBIS look very grounded
So what is going on here?
Everyone talks about AI as the greatest revolution in human history, yet valuations do not reflect that level of hype
You might argue that this is just semiconductor

$NBIS is preparing for an AI Neocloud winter
It is quite interesting to hear $NBIS co founder Roman Chernin discuss this in his latest interview with Reuters.
“We should be ready for when the winter will come,” Chernin said, adding that Nebius would then act as a consolidator.
The idea is simple. By locking in long term revenue streams with highly solvent hyperscalers, $NBIS should be able to survive a bear market, while weaker neoclouds may go under as their cash flows are tied to unprofitable small AI startups.
After this potential winter, $NBIS could emerge as a consolidated category leader

I doubt we’ll see large scale data center deployments in space in the next five years.
There are too many constraints, particularly related to cooling.
However, just as we’ve seen with quantum stocks ( $IONQ, $QBTS, $RGTI), the market can be very forward looking when an industry is promising enough.