Drama in DRAM Memory ETF… And Trading Apple & Others At Record Highs… 10/13/26

AT&T

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Tim Seymour · Seymour Asset ManagementBearish

  AT&T is a melting ice cube facing persistent price pressure, so he won't chase it.

  Seymour acknowledges AT&T's balance sheet has improved through deleveraging, so debt is no longer the issue. He argues that price pressure has been the story in wireless for fifteen years, and that Starlink broadband competition makes it worse. He calls AT&T a melting ice cube and says he is not chasing it, though he has owned it in the past.

  “But again, price price pressure has been the story for the last fifteen years, and this isn't good. ... It's a melting ice cube.”at 41:37

• Dan Nathan · RiskReversal MediaNeutral

  Starlink is not yet a material threat to carriers, so it isn't a reason to sell telecom stocks.

  Nathan notes Starlink has about 12 million subscribers but is growing from a low base. He argues carriers benefit from switching costs, since customers bundle internet with other services, so the jury is still out on whether Starlink can make material inroads. He says Starlink has already damaged market caps, but it does not seem to be much of a threat yet, so it is not a reason to sell carrier stocks.

  “But right now, it just doesn't seem to be that much of a threat ... I just don't think it's the reason to sell those stocks right now. Definitely not here.”at 43:07

• Karen Finerman · Metropolitan Capital AdvisorsBullish

  AT&T looks cheap on every metric, with a 4.86% yield, despite weak bond performance.

  Finerman says the bond market has been unkind to AT&T and that the bond market is usually smarter than equities. She still argues the stock is cheap on every metric, citing a 4.86% yield. The case is hedged and rests on valuation rather than a clear catalyst.

  “But it's cheap on every metric. The yield is, 4.86.”at 43:55

Micron Technology

Across the shows: 8 speakers in other episodes, 5 bullish and 2 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bullish

  Micron is the best memory to own as agent-driven inference demand grows over five years.

  Grasso expects dramatically more AI agents within five years. Agents run on tokens, tokens are inference, and inference is memory. From that chain he concludes Micron is the best memory stock to buy.

  “So I think about it as in five years from now, there's gonna be dramatically more agents. Agents are run on tokens. Tokens are, inference. Inference is memory. So the best memory to buy in in my mind is Micron.”at 23:12

• Gene Munster · Deepwater Asset ManagementBullish

  Micron is well positioned to benefit as agentic AI drives inference and memory demand.

  Munster agrees with Steve Grasso's argument that agents run on tokens, tokens are inference, and inference needs memory. He calls this the simplest and most obvious answer, and says Micron is in a great position for that demand.

  “And and it's it's sometimes the most simple answer, the obvious one is the best answer. And in this case, I think, Micron is in a great position for that.”at 23:32

Johnson & Johnson

Across the shows: 3 speakers in other episodes, 3 bullish and 0 bearish calls, past 30 days

• Tim Seymour · Seymour Asset ManagementBullish

  J&J is a valuation opportunity; medtech pressure is outweighed by immunology and oncology upside.

  Seymour sees a valuation story in a company with a lot of good news. Medtech is under pressure, but immunology and oncology offer significant upside. Remaining litigation and the talc overhang could be catalysts, and he thinks the market has not priced in their removal. The stock is up about 86% since June 2025 and pays a solid dividend, so the selloff is an opportunity.

  “But a lot of upside from immunology and oncology more broadly. And I guess, to me, this is a valuation story in a company that's got a lot of great news in it.”at 28:47

• Steve Grasso · Grasso Global Inc.Bullish

  J&J has come through the patent cliff by replacing a lot of its lost drug revenue.

  Grasso views J&J through the patent cliff lens. He says the company has come out the other side because it has replaced many of its drugs, which supports the company despite the day's weak medical device sales.

  “J and J actually came out on the other side of the patent cliff. They've been able to replace a lot of their drugs.”at 29:26

The Walt Disney Company

• Tim Seymour · Seymour Asset ManagementBullish

  Disney's rally reflects a more efficient streaming business; the stock looks cheap if profits arrive.

  Seymour credits the rally to efficiency in the direct-to-consumer business. Layoffs have improved it from one of the least efficient streaming operations, and the street now sees it growing. He says that if the profitability arrives, the stock is really cheap and trades at an attractive multiple relative to the market. He adds that leadership is only tinkering and there is no big catalyst.

  “I think this is also a case of just efficiency. ... their DTC business is becoming at least a more efficient business after being one of the least efficient out there.”at 32:46

• Steve Grasso · Grasso Global Inc.Bullish

  Disney is a buy as a whole: parks at record revenue and profit, growing 6%.

  Grasso says the parks business has recovered, and its revenue and profit are at records and growing about 6%. Looking at Disney as a whole rather than its parts, he still thinks it is a buy after the rally.

  “Parks, their rev and profit at records and still growing at 6%. I think if you if you look at this as a whole... I still think it's a buy here.”at 33:26

Apple

Across the shows: 15 speakers in other episodes, 4 bullish and 6 bearish calls, past 30 days

• Dan Nathan · RiskReversal MediaNeutral

  Apple's new home hub is a modest iPad-like device, but its price could lure ecosystem users to try it.

  Nathan says the HomePod-style home display looks like an iPad on a stand that likely does little more than an iPad. He argues the $299 price point is low enough that Apple-ecosystem users will try it, even though the product is outside Apple's core strength. He expects a better-packaged version later, and says the announcement video was monotonous enough that he doubts people will want the device in their homes.

  “I think it looks like an iPad on a stand, and it probably doesn't do too much more than your iPad does, but it's at a price point where I think people are willing to try.”at 38:37

• Tim Seymour · Seymour Asset ManagementBullish

  Apple's valuation doesn't yet price in any AI; a Siri or home-AI upgrade could drive upside.

  Seymour says he is not concerned about Apple's valuation because the market has not priced in any AI benefit. He argues the new home products built around a new AI assistant could be a catalyst, and says a rebranded or better-received Siri might make the stock rally.

  “Are you concerned about valuation right now? No. Okay. No. And, again, we haven't priced in any AI.”at 39:26

Bank of America

Across the shows: 2 speakers in other episodes, 0 bullish and 2 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bullish

  Bank of America's fine looks like a one-off with no asset cap; regulation remains favorable for banks.

  Grasso says the forceful action does not change a regulatory environment that is better for banks overall. The consent order has no asset cap, unlike Wells Fargo's, so he expects investors to treat the $1.2 billion fine as a cost of a few days of revenue and move on. He sees it as a one-off as long as there are no strings attached.

  “I don't think this really changes the environment for banks, which really is... It's a better environment from a regulatory pressure perspective for them. ... As long as there's no leash or strings, this looks like a one off to me.”at 7:18

The Goldman Sachs Group

Across the shows: 2 speakers in other episodes, 2 bullish and 0 bearish calls, past 30 days

• Dan Nathan · RiskReversal MediaBearish

  Goldman Sachs looks weak: stock far off highs, below 200-day, and deal pipeline shelved.

  Goldman's fixed income revenue fell sharply quarter over quarter, even though equities and transaction volumes were strong. The stock is down about 23% from its record high three months ago, sits below its 200-day moving average, and had heavy volume on a down day. Nathan says the expected wave of AI-related IPO and deal activity from Anthropic and OpenAI has largely been shelved, and Anthropic may slip into next year. He thinks Goldman and Morgan Stanley are clearly more exposed to that than the diversified money-center banks.

  “Go back and look three months ago when Goldman reported the stock closed up 9% at an all time high on massive volume. Well, look at it now. It's down 23% or so from those prior all time highs.”at 8:29

JPMorgan Chase & Co.

Across the shows: 4 speakers in other episodes, 3 bullish and 0 bearish calls, past 30 days

• Karen Finerman · Metropolitan Capital AdvisorsBullish

  JPMorgan's modest buybacks reflect good stewardship; credit quality is solid and the stock is fine.

  Finerman was surprised by the market's reaction. JPMorgan repositioned its bond book, which cost it, but that raises future net interest income. Buybacks of about $1 billion came in well below the roughly $7 billion expected, but Dimon said there were better uses for the money, which she sees as good capital stewardship, and the stock rose. Credit quality was good and provisions fell. She calls the fixed income drop lumpy and deserving of a lower multiple, but says she is not a seller.

  “So I I like them as stewards of capital, and the stock actually traded up a little bit on that.”at 11:24

AbbVie

Across the shows: 2 speakers in other episodes, 2 bullish and 0 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bullish

  AbbVie is best placed on the patent cliff; its replacement drugs already exceed lost revenue.

  Grasso views big pharma through the patent cliff. AbbVie is probably in the best position, because its replacement products have already more than offset the revenue it lost, at 121% of the lost amount. He says this makes it a strong position even with the stock already high.

  “AbbVie is probably in the best situation with the patent cliff. ... they're up now with the replacements, 121% of the revenue that they lost.”at 29:26

Eli Lilly and Company

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bullish

  Eli Lilly is in a great spot, while Novo faces an approaching patent cliff.

  Grasso says Lilly is in a great position, and he contrasts it with Novo, which has an approaching patent cliff. He gives no specific numbers for Lilly's case.

  “Lilly is actually in a great spot too, believe it or not, and and always... They're always juxtaposed against Novo. Novo has a patent cliff that's approaching.”at 29:40

Alphabet

Across the shows: 10 speakers in other episodes, 8 bullish and 2 bearish calls, past 30 days

• Karen Finerman · Metropolitan Capital AdvisorsBullish

  Alphabet's YouTube business is opaque, but she owns Google and likes the business.

  Finerman says she owns Google through the stock. She says YouTube, the direct-to-consumer business in the Disney discussion, is the tail wagging the dog and that its results are not clear. She says she still likes the business and likes Google.

  “So, you know, I own that through Google. It's definitely the tail wagging the dog... but I like that business. I like Google.”at 34:15

Netflix

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Dan Nathan · RiskReversal MediaUncertain

  Netflix is back at its 2021 peak, but fundamentals are less clear than when it later fell 75%.

  Nathan notes that Netflix is trading near its 2021 all-time high, just before it dropped 75%. He says the fundamentals now seem much less clear than they were in 2021. He uses this to argue that even favorite companies can fall 50% or 75%.

  “Stock's trading right around the prior all time high back in 2021 before it dropped 75%... And I think the fundamentals now seem to be much less clear in this environment than they were back in 2021.”at 34:29

Visa

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bullish

  Visa's chart looks strong and its China expansion shows consumers still spending with credit cards.

  Grasso likes Visa's chart and points to a headline about it entering the China market more meaningfully. He notes Mastercard and American Express are already there. He argues the stock shows that people with money are still spending and that credit cards are still healthy.

  “I think this one really shows you that people with money are spending money and the credit cards are still okay.”at 40:35

Microsoft

Across the shows: 7 speakers in other episodes, 4 bullish and 1 bearish calls, past 30 days

• Tim Seymour · Seymour Asset ManagementBullish

  Microsoft's Copilot growth is strong and valuation is in line with the market, so he'd own it.

  Seymour says the Copilot growth numbers are fantastic, and the change in growth is what matters. He is unsure where the company will monetise them, but says Microsoft's valuation is in line with the market, so it is something to own at this level. Lee later adds that valuation is the story and she can own Microsoft in this market.

  “Microsoft, I mean, those copilot growth numbers, the delta on that is fantastic.”at 40:54

Space Exploration Technologies

Across the shows: 10 speakers in other episodes, 13 bullish and 6 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bullish

  SpaceX's Starlink will innovate its way through and disrupt telecoms, which are unexciting dividend plays.

  Grasso argues SpaceX will innovate its way through the space and telecom sectors, using its satellites as a base. He frames SpaceX as a future conglomerate that includes Tesla and robotics, which will absorb telecom businesses. He says telecoms are not exciting and are held for dividends, and with 10-year yields where they are, there is little reason to own them.

  “They're gonna eat up and burp out telecoms, and telecoms are not as sexy as SpaceX.”at 42:27

IonQ

• Steve Grasso · Grasso Global Inc.Bullish

  IonQ is the quantum name that outrevenues the rest of the space by a mile.

  Grasso says IonQ is trapped-ion and has its own fabrication plant. He notes it recently bought a cybersecurity company, which lets it sell to clients now and quantum later. He argues this company is not yet ready for quantum but will be one day, and that it outrevenues the rest of the quantum space by a wide margin.

  “This company has a fabrication plant. This company just bought a cybersecurity company.”at 45:04

SPDR S&P 500 ETF Trust

• Dan Nathan · RiskReversal MediaBearish

  Mega-cap strength masks weakness elsewhere, so SPY puts through November are a good earnings-season hedge.

  Nathan says the Magnificent Seven act well while the rest of the market acts poorly, which is a sign of narrow breadth. He likes buying SPY puts that run to November to cover the earnings season. He notes the implied move is about 3.5%, so half of that is about 1.7%, which he sees as a sensible hedge.

  “They act so well, but the rest of market acts so poorly. Spy puts looking out November covers all the earnings season.”at 46:20

AI chips & semiconductors

• Gene Munster · Deepwater Asset Management

  Chinese memory-chip competition is a 'magic bullet' narrative; there is no magic bullet in memory.

  Munster treats the claim that cheaper, denser Chinese memory (CXMT) will cut AI memory needs by about a third as another magic-bullet story, like DeepSeek in January 2025, which did not change frontier-model demand. He says high-end intelligence still needs closed proprietary models, and that the memory and GPU stack, including high-bandwidth memory and cooling, is much harder to replicate. He sees the selloff as driven by a nervous AI trade rather than a fundamental change.

  “There is no magic bullet. There's no magic bullet around memory. There's no magic bullet around frontier models.”at 21:58

• Tim Seymour · Seymour Asset Management

  Memory selloff is warranted: Chinese supply response and cyclicality may break long-term contracts.

  Seymour says CXMT is introducing a DRAM design that may be ahead of SK Hynix and Samsung, so a supply response is inevitable. He argues memory is being treated as no longer cyclical because of long-term customer contracts, and he thinks those contracts could be broken. That is why the nervousness is warranted, even with a long demand runway.

  “So you can't tell me that there's not a supply response. I think some of this just gets back to the cyclicality of where markets are suddenly seen as no longer or a cyclical given the fact that we have long term contracts, which I think we could argue probably can and will be broken.”at 24:22

• Dan Nathan · RiskReversal Media

  Chip demand may be overstated; double-ordering could lead to cancelled contracts across semis.

  Nathan cites a semi-equipment stock down 37% from its record high after an investor day with a weak outlook. About 35% of its customers are TSMC, SK Hynix, Micron and Samsung. If demand fails to show up and customers have been double-ordering, long-term contracts will be cancelled and the pain will spread across the sector, with storage names already down about 30%.

  “If the demand doesn't show up and these companies have been double ordering, you're gonna see those contracts being canceled, and then you'll see it go all across this sort of sector.”at 25:38

Banks

• Tim Seymour · Seymour Asset Management

  Banks' environment is incredible and NII is strong, but earnings may peak in 2026.

  Seymour describes an incredible environment for banks, with record trading, strong M&A and IPOs, and strong net interest income that supports money-center banks. He notes that Citi's annualized return on tangible equity fell because the implied fourth-quarter figure is lower, and he thinks this may be as good as it gets for 2026. He says this is not a reason to sell banks.

  “I do think net interest income remains a very strong story... but this isn't a reason to go sell banks.”at 9:59

AI: overall outlook

• Gene Munster · Deepwater Asset Management

  Recent AI-trade jitters are weather, not climate; the long-term AI build-out is still early and intact.

  Munster separates short-term nervousness from the underlying trend. He says personalized AI bots use 10 to 15 times the tokens of a typical chatbot, so inference and compute demand will rise sharply. Physical AI has not started, and each of personalized and physical AI is as big as the whole digital AI build-out of the past four years. He concludes the weather is choppy but the climate for the AI trade still looks very good.

  “Weather is pretty choppy right now. The climate still looks really good for the AI trade.”at 22:59

AI infrastructure & data centers

• Karen Finerman · Metropolitan Capital Advisors

  Hyperscaler earnings in about three weeks will be a telling catalyst for the AI trade.

  Finerman says the hyperscalers are not reporting for about three weeks, which leaves a dead zone. She expects their results to be a telling catalyst, positive or negative, for the AI trade. She says she will focus on capex and return on capital, which she hopes will be very positive.

  “They're not gonna report for about three weeks, but I think that will be a very telling catalyst or either way, up or down, for the AI trade. We'll talk about CapEx, and we'll talk about return on capital.”at 40:19

Cybersecurity

• Tim Seymour · Seymour Asset Management

  Cyber stock valuations are the toughest part, and charts may not be sustainable.

  Seymour says valuations in cybersecurity are the toughest part. He owns CrowdStrike and sees Palo Alto as well, but doubts the sector's rally is sustainable given the charts. He warns investors to watch out for cyber stocks after a rally, which implies downside risk.

  “the valuations here are the toughest part ... I don't know that this is sustainable in terms of the charts.”at 45:30