The memory inventory situation is the part I’m watching most closely. If $Samsung Electronics (SSNGY.US) and $SK Hynix(SKHY.US) really have only around 10 days of inventory, it suggests AI demand is starting to create a genuine physical bottleneck, not just an AI narrative. For $Micron Tech(MU.US) and SK Hynix, that could provide strong pricing power and support earnings momentum.

At the same time, I’m keeping an eye on the 10-year Treasury yield approaching 5%. Higher yields can pressure high-growth AI valuations, especially when expectations are already extremely high. I don’t think this automatically means the AI boom is over, but it does raise the bar for companies to keep delivering strong revenue and earnings growth.

For me, the key question is whether AI capex is translating into real demand and cash flow. If memory shortages, GPU deployments and hyperscaler spending continue to support tangible earnings, I would see pullbacks as opportunities rather than a reason to abandon the AI theme. I’m staying constructive, but becoming more selective on valuation.