UBS Group AG (UBS) — Quality & forensics

Long reads

• Memory Chips — Memory Is the New Compute · Closelooknet Heresy VIIIHeresy · 25 Jun 2026SK hynix’s own outlook cited a UBS estimate of ~70% HBM4 share for NVIDIA’s Rubin platform in 2026 — an analyst figure, not confirmed procurement, but it suggests the lead isn’t purely backward-looking.
• Micron: The Print That Now Prices the AI TradeReport · 23 Jun 2026UBS's Timothy Arcuri, whose $1,625 target is the highest on Wall Street, does not get there with a higher revenue estimate — he gets there by arguing the long-term, partially fixed contracts justify roughly fifteen times forward earnings…

Dailies

• Memory — Same Name as 2022, a Different Product: Why the AI Cycle Is Not the Old OneDaily Pulse · 28 Sept 2026Price forecasts disagree too: TrendForce put second-quarter DRAM contract prices up 58% to 63% on the quarter; for the third quarter Jefferies reportedly expects another 40% to 50%, UBS about 23%.
• The Buy Lists Arrive — One Week After K3, the Street Reaches Past SemisDaily Pulse · 21 Jul 2026One week after Kimi K3, the first institutional buy lists are out — and UBS's own basket quietly confirms the shape we mapped: the names reach past semiconductors into storage, custom silicon, AI opex and the application layer.