Microsoft funded its AI capex from free cash flow and rose; Alphabet turned to bonds and stock sales and fell 10%, while Marvell’s reported Lumentum bid confirmed the laser bottleneck.
Apple’s order cut, CXMT’s denser DRAM and Broadcom’s “capital, not memory” remark did not change 2027 memory earnings, but they repriced how long the shortage lasts.
Apple’s reported iPhone 18 Pro order cuts are the first buyer-side sign that memory prices are destroying consumer demand — what it changes for the memory cycle, which memory makers are hedged, and the levels we hold into CPI and TSMC.
OpenAI’s revenue pace was reported at about $50 billion instead of $70 billion while Lumentum said its AI optics are sold out into 2029: why both are true, and how the portfolio ranks AI stocks by who pays the invoice.
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