Remember Ferdinand de Lesseps? The guy who built the Suez Canal in 1859? Everyone called it the most expensive ditch in history. They weren’t wrong—it cost $100 million in 1869 dollars and nearly bankrupted the French company that built it.
But here’s the thing: once it was done, every ship crossing between Europe and Asia had exactly two choices—use the Suez or take the long way around. The infrastructure created permanent, captive demand. The companies supplying coal, dock services, and port operations? They collected tolls for a century.
Fast forward to 2026, and we’re watching the same movie play out with AI infrastructure. Except this time, the “ditch” is worth $725 billion.
The Bears Keep Calling the Top. They Keep Being Wrong.
Every few months, someone on Twitter declares that memory stocks are done. October 2025? “Memory top.” February? “Memory top.” March? “Memory top.” April? You guessed it—”memory top.”
Meanwhile, Microsoft, Meta, Amazon, and Google have committed to roughly $725 billion in AI infrastructure spending this year. That’s not a typo. That’s a once-in-a-generation buildout, and a massive chunk of every infrastructure dollar flows straight into the memory complex.
The bears are watching stock prices. They should be watching the capital commitments.
SanDisk (SNDK): The Shovel That Keeps Digging
SanDisk’s chart is basically a graveyard of premature obituaries. The stock has run from $50 to roughly $1,400. That’s a 28-bagger. But here’s what’s wild: the forward P/E ratio sits near nine. Nine. The earnings are doing all the heavy lifting—multiples haven’t expanded at all.
Translation? There’s still room to run. As long as those earnings keep climbing (and with $725 billion in capex committed, they should), SNDK has legs.
Nebius (NBIS): The Neocloud Nobody’s Talking About
If SanDisk is the shovel, Nebius is the rented mule. Spun out of old Yandex assets after Russia’s invasion of Ukraine, Nebius rebuilt itself as a “neocloud”—basically a high-beta, levered play on the same hyperscaler capex wave.
The numbers are almost cartoonish. Revenue is on pace to grow over 500% this year. Margins are climbing from 40% to 59% by 2028. And the stock trades at 16 times forward EBITDA. Sixteen. That’s absurdly cheap for a company growing like that.
The chart just executed a textbook V-shaped recovery off its prior all-time high near $135. What was resistance is now the new floor.
The Pattern: Violent Dips, Face-Ripping Rallies
Both names follow the same playbook: gut-wrenching pullbacks followed by explosive rallies. SanDisk has fallen 25%-plus multiple times this cycle. Nebius round-tripped from $90 to $166 and back to $135 in weeks.
Anyone who chased these at the top got hurt. Anyone who treated the dips as opportunities? They did very well.
The infrastructure is being built. The capital is committed. The tolls are being collected. Stop calling the top.
