“1011 Insider Whale” agent: AI computing power trading is undergoing a shift, with funds moving from storage chips to hyperscale cloud vendors

According to Odaily, “1011 Insider Whale” agent Garrett Jin pointed out that this week, the market structure has undergone obvious changes, with capital within the AI industry chain being reallocated.

Change 1: Signs of a phase top emerging in storage chips (Memory)

He stated that Micron's stock price encountered resistance and pulled back near $1,250. Despite earnings surpassing expectations, the stock price is still falling on high volume, exhibiting a typical “selling-off after good news” topping pattern.

Meanwhile, funds are quickly flowing out of the storage sector. DRAM-related ETFs are experiencing significant declines, and SK Hynix and Samsung Electronics have also weakened in the Korean market. Data shows that in the past two months, foreign investors have withdrawn over 100 trillion Korean won (about $65 billion) from the Korean stock market.

Change 2: Capital shifts towards AI hyperscalers (Hyperscalers)

He pointed out that the real capital inflow is not to small and mid-cap AI concept stocks, but to core cloud computing giants such as Google, Microsoft, and Amazon.

Last Friday, when the chip sector came under pressure, GOOG and MSFT stabilized on high volume. This week, META has further reinforced this trend with significant gains on high volume.

Garrett Jin believes that the logic behind this round of capital migration is the “token optimization trend”: as more and more simple tasks are handled by low-cost models, value will gradually concentrate in cloud service and orchestration layers that charge by token, rather than the foundational model layer. This forms the core moat for hyperscalers, and the current strategy should focus on the catch-up opportunities among these hyperscale cloud providers.