joe.burger

Ethereum is in the unique position to be the platform that secures and settles AI-to-AI interactions. The ERC-8004 standard is coming to mainnet.

JUST IN: Silver hits new high of $110

Where is Bitcoin? Silver prices are now outperforming Bitcoin by one of their widest margins on record. In ~13 months, Silver is up +270% as Bitcoin has fallen -11%. This makes Silver's market cap 3.5 TIMES larger than Bitcoin. The world is waiting on crypto.

I get the impression that Citrini is ran like the Red Guards When will Jukan & Zephyr factions escalate to kinetic engagement?

How is OpenAI getting so unlikeable, so quick? Big AI propaganda or PR seppuku?

that's actually a waste of 40hours when you can just ask claude what is clawdbot.

J.P. Morgan 2026 Memory Market Outlook: Memory Giants' Market Cap Approaching $1 Trillion This Year, to Reach $1.5 Trillion in 2027 In its latest research report, J.P. Morgan noted that the total market capitalization of top memory chip manufacturers is nearing $1 trillion. Based on historical valuation medians, this figure is projected to surge to $1.5 trillion by 2027, implying that top players still have over 50% upside potential. On December 14, J.P. Morgan stated in its latest report that the current cycle will be the longest and strongest memory up-cycle in history. Investors are concerned that new capacity in 2027 will lead to DRAM oversupply. However, J.P. Morgan's data model shows that such concerns are unnecessary. Due to HBM capacity crowding out and structural demand from AI inference (inference consumes 3x the memory of training), DRAM bit supply growth will still lag behind demand growth over the next two years. The market is experiencing "Dual-track" pricing. B2B (Enterprise/AI) demand strongly supports high prices, whereas B2C (Consumer) faces cyclical pressure. However, JPM argues that overall, the upside in server demand will fully offset the downside risk in the consumer sector. Valuation Reshaping: Towards $1.5 Trillion J.P. Morgan addressed investor concerns directly in the report: With memory stocks having risen sharply over the past three months and approaching the $1 trillion market cap barrier, what is the next step? J.P. Morgan's answer is very clear: Stay Long. Based on the "Market Cap/TAM (Total Addressable Market)" valuation framework, J.P. Morgan predicts the memory market size will reach approximately $420 billion in 2027. Applying the median Price-to-Sales (P/S) ratio of 3.5x from the 2018 and 2021 cycles, the combined market cap of top storage and memory makers is projected to approach $1.5 trillion in 2027. This implies that top players still have over 50% market upside from current levels. The Truth of Supply and Demand: Still Short in 2027 The biggest short thesis currently in the market is that new fab ramp-ups and accelerated tech migration in 2027 will trigger DRAM oversupply. J.P. Morgan refutes this view through a bottom-up "Capacity-Bit" analysis model. - Shortage Persists: Although the supply-demand gap may narrow from 5% in 2026 to 3% in 2027, it will remain in a shortage state. - Capacity Crowding Out: Strong CSP (Cloud Service Provider) demand forces manufacturers to allocate more capacity to HBM. HBM's share of total DRAM capacity will rise significantly from 19% in 2025 to 28% in 2027. - Supply Constraints: Regular DRAM capacity in 2026 is actually expected to decline year-over-year. Even with new capacity coming online in 2027, such as Samsung P4 and Hynix M15X, DRAM bit shipment growth will be limited to under 20% due to cleanroom space constraints and natural capacity loss from increased process steps. B2B Feast and B2C Cycle CSPs and specific tier-2/3 consumer electronics brands aggressively securing resources have triggered the recent sharp rise in memory prices. J.P. Morgan predicts a distinct price polarization in the market from 2H 2026 to 1H 2027. - B2B (AI Driven): Prices will remain firm supported by AI inference demand. - B2C (Consumer): Will face cyclical price declines due to customer resistance to high prices. Key Data Forecasts: - FY26E: J.P. Morgan models show DRAM Average Selling Price (ASP) skyrocketing 53% and NAND ASP rising about 30%. - FY27E: Even against the backdrop of an extended duration of high prices, DRAM ASP is expected to rise only slightly by 1%, while NAND ASP may correct slightly by 6%. AI Growth Drivers: Structural Opportunities in HBM and eSSD HBM (High Bandwidth Memory): Beneficiary of GPU vs. ASIC Competition. JPM points out that positive feedback on Google Gemini 3.0 has triggered a route competition between GPUs and ASICs, but this serves as a double tailwind for HBM demand. - Spec Upgrade: Google's next-gen 2nm TPU is likely to adopt HBM4, and the 4x capacity increase brought by Rubin Ultra GPUs will continue to pressure the supply chain. - Continued Shortage: J.P. Morgan expects the HBM supply shortage (gap of about 8%-12%) to persist through 2027 and possibly extend into 2028. SSD (Solid State Drive): Key to Inference Applications. The rise of AI inference is driving the expansion of the enterprise SSD (eSSD) market. AI servers carry 3x the SSD volume of regular servers. Since HDD (Hard Disk Drive) manufacturers' capital expenditure guidance for 2026 is conservative, J.P. Morgan expects eSSD to enjoy massive demand tailwinds over the next 6 months, driving NAND prices up 27% in FY26. Capital Expenditure (Capex): Increasing but Disciplined Although memory makers have announced a series of capacity expansion plans, J.P. Morgan believes the actual bit supply growth generated will be offset by physical migration challenges. - Equipment Spending Leads: Growth in Memory Wafer Fab Equipment (WFE) is expected to significantly outpace overall capex growth (DRAM WFE growing 19%/26% in 2026/2027 respectively). - Intensity Control: Implied capital intensity for both DRAM (below 30%) and NAND (below 20%) will be lower than the 5-year average. This implies that significant discipline is still being maintained on the supply side.

when will it end

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