Capital Expenditure SensitivityThe bears will point to CapEx, which is expected to reach $18B in FY26, up from $14B in FY25, as historically, the stock has been sensitive to CapEx numbers.
Competitive RisksSamsung's potential full design win in certain platforms could further dampen pricing due to their aggressive capacity and shipment plans.
Industry Cycle ConcernsThe company is already 9-10 quarters into what is typically a 10-quarter memory upcycle, indicating potential limits to further growth.