AI Stocks Face Fresh Bubble Alarm

Cerebras Systems has secured a deal with Gimlet Labs, which agreed to use its wafer-scale chips inside a new disaggregated inference cloud targeting ultrafast agentic and real-time AI workloads for paying customers. The partnership lands after a volatile stretch for Cerebras, during which conflicting headlines around its OpenAI relationship swung sentiment and short-term trading. Even with recent rebounds on Altman's public backing, the stock's share price return is still down 15.7% over 30 days and 43.1% year to date. Cerebras last closed at $177.10, while the most followed narrative values the stock at $415.54, framing a large gap between trading price and perceived long-term potential. The story could still unravel quickly if OpenAI pulls back on spending or if the mid November share unlock floods the market with selling.

Advanced Micro Devices CEO Lisa Su said demand for compute is still running above supply and is expected to stay strong for the next several years, with AMD planning to substantially increase supply in 2027 after already raising it this year. Roughly 80% of Anthropic's planned $518 billion in cloud and compute spending over the next decade is non-cancelable or payable regardless of how much capacity it actually uses. Elon Musk confirmed over the weekend that SpaceX and Taiwan Semiconductor are in discussions about a potential collaboration in which the Taiwanese foundry giant may use Terafab, the vertically integrated semiconductor manufacturing initiative launched by Musk, Tesla and SpaceX, as an anchor client for a future Texas semiconductor facility. Zscaler reaffirmed its Q1 and full-year 2027 guidance, with CEO Jay Chaudry warning in a CNBC interview that autonomous AI agents will become the primary cybersecurity risk vector in the coming years. Wells Fargo maintained its overweight rating on Meta Platforms and raised its price target to $1,000, citing Muse as driving a larger long-term AI cycle.

The Financial Times reported, citing people familiar with the matter, that SpaceX plans to raise $40 billion, with asset management giant Apollo Global Management leading the effort, to fund the purchase of artificial intelligence chips from Nvidia. The financing plan consists of roughly $10 billion in bank credit facilities and $30 billion in investment-grade bonds, for a total of $40 billion. Apollo is expected to structure the financing and distribute the bonds to a broad group of investors, with PIMCO among a small number of financial institutions in talks to lend. The transaction is expected to be completed by 2027. Morgan Stanley estimates that global AI infrastructure development will require as much as $1.5 trillion in external financing by 2028. In market moves, SpaceX shares fell 1% in after-hours trading in the United States following the report, while Nvidia shares rose 0.5%. Musk, who only recently took SpaceX public in June through a record-breaking IPO worth $86 billion, said last month that xAI's Colossus 2 data center could more than double its installed base of Nvidia chips by this December.

Bank of America estimates that the total addressable market of the global memory industry, or TAM, will rise to 2 trillion US dollars in 2030, up from its previous estimate of 1.8 trillion dollars, viewing the industry as entering a long-term growth cycle driven by demand for artificial intelligence memory and high average selling prices. Global DRAM and NAND sales combined previously peaked at about 170 billion US dollars in 2018 amid the cloud boom, before a recovery in 2025 generated sales of roughly 210 billion US dollars, even as the NAND market weakened. Meanwhile, the annual run rate of the memory market in the third quarter of 2026 has already exceeded 1 trillion US dollars, with revenue in that quarter at about 278 billion dollars, which annualizes to roughly 1.1 trillion dollars. Bank of America also expects DRAM and NAND sales to grow at a compound annual rate, or CAGR, of about 21% over the four years starting in 2027, with sales rising from roughly 900 billion US dollars in 2026 to 1.4 trillion dollars in 2027 and continuing to grow through 2030, reflecting a long-term supercycle. Under assumptions of 2 trillion dollars in sales, a 50% operating margin, a 25% tax rate and a price-to-earnings ratio of 13 times, Bank of America estimates that the fair market value of the memory industry could reach 10 trillion US dollars. For Thai investors, this theme relates to depositary receipts, or DRs, referencing Micron Technology shares that trade on the Thai stock market, such as MICRON01, MICRON19, MICRON03 and MICRON80, since Micron is a maker of memory products and data storage systems that stands to benefit from rising long-term demand for DRAM, NAND and AI memory.