Short answer: NO.
Long one:
- Memory is still a brutally cyclical business. One oversupply wave can crush margins fast.
- Expectations are becoming euphoric after the AI/HBM rally. A lot of perfection may already be priced in.
- SK Hynix still dominates HBM market share, while Samsung could recover aggressively.
- AI capex slowing even slightly could compress valuations hard across the memory sector.
- Massive capex expansion today can become tomorrow’s oversupply problem. Classic memory-chip trap.
- New memory architectures and alternatives to HBM are already being explored.
- After such a huge run, risk/reward may no longer be asymmetric.