Micron vs Prisma

Jim Cramer: AI stocks difficult to value amid data center uncertainty

CNBC's Jim Cramer said that uncertainty over the future data center build-out has made AI stocks increasingly difficult to value, leading to steep selling in the sector. He highlighted Nvidia, Micron, and AMD as examples of companies with strong results but facing risks if AI infrastructure spending slows due to regulatory hurdles. The iShares Semiconductor ETF fell 3% Wednesday and 10% Thursday, while GE Vernova and Sandisk dropped 7% and 22% respectively. Cramer noted Nvidia trades at roughly 12 times next year's earnings with 70% expected growth, but questioned sustainability if data center construction slows. He also questioned the sturdiness of Micron's take-or-pay contracts and AMD's valuation despite strong earnings and CEO Lisa Su's projection of a $1 trillion data center market. Ultimately, the key question is whether regulatory hurdles will significantly slow or merely delay data center construction.

• Jim Cramer said AI stocks are difficult to value due to uncertainty over data center build-out.
• iShares Semiconductor ETF (SOXX) fell 3% Wednesday and 10% Thursday.
• GE Vernova and Sandisk dropped 7% and 22% respectively on Thursday.

AI Stocks and Crypto Crash After Democratic Win

US stock markets reversed sharply after the Democratic midterm victory stoked fears of AI regulation, with the Nasdaq falling 5% into correction territory. Chip stocks AMD, Micron, and Marvell each dropped double digits, while Tesla slid over 10%. Bitcoin slipped below $76,000, and gold hit a record high above $4,120 as investors rotated into defensive sectors. Data Center Watch found that 78% of elected lawmakers and 94% of governors support regulating data centers, with Texas and Georgia electing pro-regulation governors, potentially hiking AI infrastructure costs. Despite the sell-off, some analysts view it as profit-taking, citing falling oil prices, lower Treasury yields, and strong earnings. Upcoming economic data will likely shape market direction, though disappointing earnings from Alphabet and Amazon added to negative free cash flow concerns.

• Nasdaq fell 5% on Thursday, entering correction territory; chip stocks AMD and Micron lost about 16%, Marvell dropped 14%, and Tesla fell over 10%.
• 78% of 393 elected US lawmakers and 94% of 34 elected governors support regulating or restricting data centers, with over a third backing moratoriums.
• Texas and Georgia, the two largest data center markets, elected pro-regulation governors, potentially increasing AI infrastructure costs.

Chip Talent War Intensifies as Chinese Rivals Gain Ground

The competition for semiconductor talent is escalating, leading to legal battles over trade secrets. A former Samsung Electronics employee who joined Chinese chipmaker CXMT was sentenced to five years in prison for technology leakage. Chinese firms like CXMT are narrowing the gap with established players, projected to reach 10% global DRAM revenue share. Companies are strengthening legal protections and non-compete enforcement across Taiwan, Singapore, and Hong Kong, while experts note the difficulty of protecting intangible manufacturing knowledge.

• A former Samsung Electronics employee who joined CXMT was sentenced to five years in prison by Seoul High Court on Oct. 22.
• CXMT's global DRAM revenue share is projected to reach 10% in Q2 2026, according to Counterpoint.
• Samsung blocked a former DRAM researcher from joining Micron in 2023 via a two-year non-compete.

Prisma ORM Manifesto 2026: Open, Extensible, Collaborative

The five principles behind Prisma ORM 8: an open framework and ecosystem, tools that are safe to delegate, exceptional DX, modern JavaScript, and stewardship.