Sebastian Page is bullish on AI bottlenecks (memory, cooling, electrification, aerospace, gas turbines) as a multi-year trade, with expanding demand and pricing power. He sees inflation as underestimated by markets due to lags in shelter, services, and tariff effects, but believes a 25-50bp Fed hike would not derail the rally. He is long US large-cap growth and small/mid-cap bottleneck plays.

Angelo Zino believes Micron's 85% gross margins are unsustainable long-term but sustainable for the next few quarters. The company has transformed via long-term customer agreements, improving revenue visibility and free cash flow. Even when margins roll over, trough margins will be well above prior cycle peaks. He sees extreme volatility in memory stocks due to uncertainty about mid-cycle and normalized earnings.