Memory stocks are cratering on Monday after media reports indicating that Seagate Technology Holdings CEO Dave Mosley warned that it would “just take too long” to boost capacity to meet AI-fueled demand.

Micron, Sandisk, and Western Digital are down in addition to Seagate.

Another place to look to help explain the group’s sudden travails (lumping together flash, storage, and high-bandwidth): memory stocks have displayed an elevated level of momentum, and momentum stocks have generally come under acute pressure during sudden bond market sell-offs.

Mosley’s answer, delivered at a JPMorgan conference, is worth reading in full, as the summarized media reports miss some of the nuance (emphasis added):

“What our customers are driving us for right now is more exabytes. And we believe that the way to get the most exabytes is to take our talented teams and really go through these technology transitions. We're targeting mid-20s percent growth, which is enormous CAGR. And the only way we're going to get there is to be able to go through those technology transitions, if you will, to take a 3 terabyte per platter product to a 4 terabyte per platter to a 5 terabyte per platter year over year over year. And so that's really the way we're driving it. If we took the teams off and started building new factories or bringing up new machines, it would just take too long. You would end up more capacity, if you will, but then you'd slow the rate of growth on that technology. So back to your question directly, the wildcard really is in unit capacity for disk drives, which we again could be fairly flexible with once we package those heads and media. That gets down to more customer diversification and edge and edge AI and all those use cases, which I think could come someday. So we would take the heads and media that we have planned and divert them somewhere else should those applications take hold.

To grossly oversimplify Mosley’s answer, he’s saying that in a resource-constrained environment, technology improvements are the better way to meet demand than building out more capacity.

Reasonable folks can quibble about how negative these remarks really are for the industry.

On one hand, not getting over their skis on capex is something that, all else equal, would protect profitability over time and avoid the boom-bust cycles that have plagued the industry.

On the other hand, that gives more time for competitors (especially those from China) to try to step in and meet the market’s appetite for memory. To that end, Changxin Memory Technologies is posting massive growth as it readies for an IPO.

Shares of Lumentum and Coherent plunged Monday after Leopold Aschenbrenner, ex-OpenAI researcher turned investor, disclosed his Situational Awareness fund exited its holdings in those companies during the first quarter.

By the afternoon, Lumentum was down 11% and Coherent was down over 6%. The losses are relatively small compared to the over 120% and 80% gains the AI infrastructure companies had put up, respectively, since January.

The two companies are developers of phonetics and optical equipment, which help data centers and AI hyperscalers transmit data.

Aschenbrenner’s firm, Situational Awareness, is making major market ripples today, also sending shares of T1 Energy soaring on news he bought the stock.

He also made a bearish bet against Nvidia, which recently invested $4 billion ($2 billion each) into Lumentum and Coherent.

The second-largest cryptocurrency is nearing the $2,100 mark, declining more than 9% in the last seven days, a steeper decrease than its older sibling bitcoin, which is also suffering.

Ethereum ETFs have had five consecutive days of outflows combining for $255 million, data from SoSoValue shows.

Meanwhile, Goldman Sachs and Harvard University both filed 13Fs showing each pulled back their exposure to ethereum.

Goldman now holds nearly $178 million in BlackRock’s iShares Ethereum Trust ETF, down from $679 million, according to its latest 13F filing. It also exited its $394 million position in the Fidelity Ethereum Fund as well as a smaller position in ETHZilla, while adding $67 million of the iShares Staked Ethereum Trust ETF.

Harvard completely trimmed its ethereum exposure. The endowment did not report any ethereum ETF holdings in its latest 13F filing, submitted Friday, but showed an $86.8 million position in BlackRock’s iShares Ethereum Trust ETF in its previous 13F filing in February.

But ethereum bulls remain: treasury behemoth BitMine Immersion Technologies continued its accumlation of ethereum, albeit at a slower pace. “Over the past week, we acquired 71,672 ETH,” Chairman Tom Lee said in a Monday press release. “We view the recent pullback of ETH to below $2,200 as an attractive opportunity.” The firm’s unrealized loss now exceeds more than $7.3 billion.

Traders aren’t so bullish: prediction market-implied odds of ethereum breaking $2,500 in May stand at just 7%, a sharp drop-off from a week ago, when the probability was at 57%.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

T1 Energy is soaring after a 13F filing released this morning showed Situational Awareness held a 3.6% position in the solar and battery storage company at the end of Q1.

The position makes the hedge fund one of the 10 biggest owners of T1, according to data compiled by Bloomberg.

Situational Awareness has become a closely followed fund because of how well it’s done in the AI era and who it’s run by: former OpenAI researcher Leopold Aschenbrenner, who’s only in his mid-20s!

(In fact, there was much consternation across X on Friday that the fund’s 13F wasn’t released ahead of the weekend.)

Call volumes in T1 are absolutely exploding as traders look to play follow-the-Leopold: they’re running at 52,501 less than 90 minutes into the trading day, already a one-day record for the stock.

Regeneron is sinking in premarket trading after announcing its late-stage skin cancer treatment failed to meet its primary goal in a Phase 3 trial.

The pharma giant reported no statistically significant improvement in progression-free survival for patients with advanced melanoma. This late-stage trial failure could be a blow to Regeneron’s oncology expansion strategy, where it hoped to challenge competing treatments like Merck’s Keytruda.

The clinical setback is triggering immediate price target cuts across Wall Street from the likes of BMO Capital, Citi, RBC Capital, Evercore ISI, and Leerink Partners.

“This was to be the defining catalyst of 1H26, with share sentiment inextricably tied to this release,” BMO Capital analyst Evan David Seigerman commented in a note, per Bloomberg.

Seeking to shift investor sentiment, Regeneron announced a major collaboration with Parabilis Medicines, paying $125 million up front with the potential for up to $2.2 billion in milestone payments to combine its antibody platform with Parabilis’ peptide technology.

After an uncharacteristically clear-eyed earnings call where Elon Musk was cautious about the timing of the company’s many ambitious goals, the Tesla CEO is back to making his usual unlikely predictions:

“We already have some vehicles operating with no people inside and no safety monitors in three cities in Texas, and it probably will be widespread in the US by the end of this year,” Musk said by video at the Smart Mobility Summit in Tel Aviv on Monday. It’s a prediction Musk has made before, but that doesn’t mean it’s going to happen.

Tesla’s expansion of its Robotaxi service, which launched nearly a year ago, has been painstakingly slow. The vast majority of the Robotaxis — more than 500 in the Bay Area — have a person behind the wheel using a version of Supervised Full Self-Driving. In Austin, 12 of the 40 Robotaxis have been spotted driving unsupervised in the last week, according to Robotaxi Tracker. There are two more each in Dallas and Houston. Alphabet’s Waymo, by comparison, is already operating more than 3,000 of its driverless vehicles in cities across the country.

“Initially, we’re taking a very cautious approach to the rollout here,” Musk had said on the last earnings call, estimating the service would be in a dozen states by the end of the year. Today he was more bullish, estimating that in 5 or 10 years, “90% of all distance driven will be driven by the AI in a self-driving car.”

LiveRamp’s shares are surging in premarket trading following an announcement over the weekend that French advertising company Publicis Groupe will acquire the data collaboration platform for $38.50 per share in an all-cash deal. The transaction values LiveRamp at a total equity value of $2.167 billion.

The buyout marks a massive consolidation in the advertising technology space. Under the terms of the agreement, Publicis will fund the acquisition using cash on hand and debt. The transaction has been unanimously approved by both boards of directors and is expected to officially close by the end of calendar year 2026, subject to regulatory and shareholder approvals.

“This transaction reflects the strength of our business, the value of our platform and the strategic role LiveRamp plays in an AI-driven market,” Scott Howe, CEO of LiveRamp, commented in the statement.

Following the news, LiveRamp also delivered Q4 results for its fiscal year 2026. Total revenue for the quarter rose 9% year over year to $206 million. Growth was driven primarily by subscription revenue, which also jumped 9% to $158 million.

For full fiscal year 2026, net cash provided by operating activities reached a record $168 million. LiveRamp repurchased approximately 7.1 million shares for $194 million during fiscal 2026, leaving $262 million in remaining capacity under its current share authorization program.

UnitedHealth fell more than 5% in premarket trading Monday after Berkshire Hathaway disclosed Friday that it had fully exited its stake in the health insurer.

According to Berkshire’s latest 13F filing, which shows holdings as of March 31, the conglomerate sold its entire ~5 million-share stake in UnitedHealth — less than a year after first buying the stock in the second quarter of 2025 — as part of a broader portfolio overhaul under Greg Abel, who succeeded Warren Buffett as CEO on January 1.

UnitedHealth shares have been volatile over the past year amid concerns over rising medical costs and DOJ scrutiny of its billing practices — though its latest earnings report showed signs of stabilization, with the company beating Q1 earnings estimates and raising its full-year profit outlook.

Berkshire also fully exited positions in a number of other stocks in the first quarter, including Amazon, Domino’s, Pool Corp, Mastercard, and Visa, all of which were mildly in the red in early trading.

Meanwhile, Berkshire added Delta Air Lines and Macy’s to its equity portfolio, while boosting stakes in Alphabet and The New York Times.