Shares in memory chipmakers have repeatedly fallen after surprise earnings. Simon Edelsten of Goshawk Asset Management wrote in the Financial Times that semiconductors are a cyclical industry. He cited Samsung Electronics and Micron, whose shares slipped after big profit gains. Edelsten said Micron’s past buy points coincided with negative expected earnings, while apparently low P/E periods marked sell points. He flagged oversupply concerns, SK hynix’s $28 billion ADR fundraising for new capacity, and said markets await clearer evidence that AI revenues can cover heavy investment costs.