Earnings are fantastic, but memory chip valuations are pricing in a prolonged supercycle of demand exceeding supply through 2028, which is unusual. When capacity comes through, memory chip prices will fall sharply, pulling share prices down. Prefers TSMC, Advantest, Tencent, and Alibaba as they have underperformed and offer better value.

The market is pricing five years ahead, which is risky. Once supply normalizes, the cyclical downturn will hit. Tencent and Alibaba are not reflecting the cyclical bumps and have long-term AI potential.

Earnings are fantastic, but valuations of memory stocks are pricing in a prolonged supercycle of demand through 2028, which is extremely unusual. When supply comes through in 2028-29, memory chip prices will fall sharply, pulling stock prices down.

The market is pricing five years ahead, which is unusual. Once there is more comfort on supply, prices will come down very sharply. These are cyclical stocks trending towards the peak of their cycle.

We are selective. We still like TSMC and hardware equipment companies like Advantest, which have better long-term visibility. We also prefer lagging names like Tencent and Alibaba, which have underperformed but have long-term AI potential and are not reflecting cyclical bumps.

Tencent and Alibaba have e-commerce headwinds, but they can benefit from the AI space over the long term. They are not reflecting the cyclical bumps at this stage.

I prefer Tencent and Alibaba at this point. They have lagged in performance and are not reflecting cyclical bumps. They will benefit from AI over the long term, so there is long-term potential.

They have e-commerce headwinds, but if you want an immediate boost from AI monetization, these are good picks.

Not all tech is stretched; likes TSMC and Advantest for better long-term visibility.

Prefers Tencent and Alibaba at this point due to lagging performance and long-term AI monetization potential.

They are not reflecting cyclical bumps and have long-term potential.