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Michael Burry is betting against the memory boom as Chinese supply rises. Here’s why some semiconductor ETFs could face risks if his thesis plays out.
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Lam Research targets mid-40% operating margins over the next several years, up from current 38.4%. Q1'27 guidance shows continued margin expansion with expected revenues of $8.1B and 39.5% non-GAAP operating margin. AI demand, advanced packaging, and higher-margin services are expected to support growth, though the goal requires sustained execution and disciplined cost management amid planned $3B R&D investments.
Ahead of an expected Trump-Xi meeting in Washington, U.S.-China trade negotiations focusing on tariff reductions and AI could benefit semiconductor, technology, retail, and auto sectors. Companies with significant China exposure including Qualcomm, Intel, Micron, Applied Materials, NVIDIA, Apple, Walmart, Target, Best Buy, Costco, and Tesla may see positive sentiment if trade tensions ease.
Michael Burry increased his short positions in Micron, Nebius, SOXX and Palantir, while adding to five consumer and retail stocks.
Nvidia exposure is spreading from stocks to tokenized equities and crypto derivatives as traditional and digital trading rails converge.
The Nasdaq 100 is up 180% over four years, on pace for the best four-year run since the dot-com peak. Memory names are doing the work.