AMAT and the memory vendors are rallying hard into the "AI datacenter buildout" narrative, but (https://www.cnbc.com/2026/06/19/here-are-the-most-overbought-and-oversold-names-after-a-volatile-week.html) — that's usually a timing signal, not a conviction signal. The real risk: memory makers like $MU have zero margin buffer if capex cycles soften. Equipment makers like $AMAT are priced as if fab utilization stays at 95% forever.

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