MU−9.9% ▼
NBIS−12.7% ▼
IREN−13.6% ▼
APLD−12.8% ▼
30Y5.14%
MU−9.9% ▼
NBIS−12.7% ▼
IREN−13.6% ▼
APLD−12.8% ▼
30Y5.14%
Nefarious Watchlist · The Full Stack
The AI Watchlist
22 names · market cap, P/E and price
22
names · July 30, 2026
Every layer of the AI build-out — sorted by size, with what you actually pay for each.
- The ListNineteen companies and three funds sit across the five layers of the AI build-out — semiconductors, memory, data centers, photonics and power. The table below is sorted from the largest company down to the smallest by market capitalisation.
- TodayToday was broadly risk-off, and the data-center names took the worst of it. IREN fell 13.6 percent, Applied Digital 12.8 percent and Nebius 12.7 percent. Memory did not escape either, with Micron down 9.9 percent on the day.
- The SpreadValuations across this list run from SK hynix at just 6.7 times earnings all the way up to Forgent Power at 442 times, and seven of these names are not profitable at all. It is the same underlying theme priced in wildly different ways, which is exactly why the layer you choose matters.
§ The Watchlist
| Ticker | Company | Market cap | Price | P/E |
|---|---|---|---|---|
| MU | Micron Memory | $834.62B | $739.00 -9.94% | 18.52 |
| SKHY | SK hynix ADR Memory | $703.78B | $126.79 -2.60% | 6.72 |
| QCOM | Qualcomm Semis | $164.09B | $155.68 -4.42% | 17.01 |
| SNDK | SanDisk Memory | $150.44B | $1,015.89 -7.32% | 34.20 |
| MRVL | Marvell Semis | $143.10B | $163.40 -6.34% | 56.44 |
| GLW | Corning Energy · Photonics | $112.39B | $124.05 -1.56% | 57.23 |
| ALAB | Astera Labs Photonics | $42.81B | $249.74 -4.03% | 168.84 |
| NBIS | Nebius Data centers | $37.95B | $148.22 -12.65% | 51.25 |
| CRWV | CoreWeave Data centers | $33.18B | $60.82 -9.63% | — |
| CRDO | Credo Technology Photonics | $33.09B | $177.45 -7.71% | 70.70 |
| IREN | IREN Data centers | $10.47B | $29.31 -13.62% | 53.96 |
| FPS | Forgent Power Energy | $8.90B | $29.25 -9.75% | 442.08 |
| APLD | Applied Digital Data centers | $6.68B | $23.22 -12.77% | — |
| POWI | Power Integrations Energy | $3.15B | $56.57 -4.44% | 189.86 |
| SHAZ | Sharon AI Data centers | $1.42B | $40.09 -10.87% | — |
| EOSE | Eos Energy Energy | $1.11B | $3.14 -6.82% | — |
| WYFI | WhiteFiber Data centers | $794.68M | $20.58 -12.46% | — |
| ARRY | Array Technologies Energy | $739.90M | $4.81 -5.69% | — |
| CLFD | Clearfield Photonics | $401.02M | $29.51 -5.57% | — |
Sorted by market cap. A dash in the P/E column means the company is not currently profitable, so the ratio does not exist.
§ Funds
| Ticker | Fund | Market cap | Price | P/E |
|---|---|---|---|---|
| DRAM | Roundhill Memory ETF Memory basket | fund | $46.63 | n/a |
| EWY | iShares MSCI South Korea Korea, diversified | fund | $151.47 | n/a |
| KORU | Direxion Korea Bull 3x Korea, 3x leveraged | fund | $13.81 | n/a |
ETFs hold baskets — they have no earnings, so no P/E exists for any of them. KORU is 3x leveraged and decays in choppy markets.
§ On The P/E Numbers
These are trailing P/E ratios, all pulled from one source on the same day so they are comparable with each other. I chose trailing over forward deliberately: forward P/E estimates for these names are currently all over the place — Micron alone is quoted anywhere from ~6x to ~109x depending on the provider and whether they use GAAP or non-GAAP earnings. A number that swings 18-fold by source is not a number worth putting in a table.
Seven names show a dash because they are genuinely unprofitable: CRWV, APLD, SHAZ, WYFI, EOSE, ARRY and CLFD. That is not missing data — a P/E on negative earnings does not exist.
Want forward multiples on a specific name? I can pull the actual analyst EPS estimate and calculate it properly, which is the only way to get a figure worth trusting.
§ What Stands Out
| Observation | Detail |
|---|---|
| Cheapest | SK hynix 6.7x and Qualcomm 17.0x — the only two under 20x |
| Priciest | Forgent 442x, Power Integrations 190x, Astera Labs 169x |
| Biggest | Micron $835B and SK hynix $704B — memory dwarfs everything else on the list |
| Smallest | Clearfield $401M, Array $740M, WhiteFiber $795M — genuine micro/small caps |
| Hit hardest today | Every data-center name fell 9–14%. The most rate-sensitive corner of the list |
The watchlist is here. The full research is in the Discord.
Join the Discord to find out! →Deep dives on each name — financials, contracts, valuation and my entries.
discord.gg/nfrs · @Nefarioustrading
discord.gg/nfrs · @Nefarioustrading
Nefarious Trading
Equity research and trading commentary — AI infrastructure, memory, semiconductors, power.
Sources
Market cap, price, daily change and trailing P/E from StockAnalysis.com (S&P Global Market Intelligence data), all pulled July 30, 2026. ETF prices via Interactive Brokers.
Market cap, price, daily change and trailing P/E from StockAnalysis.com (S&P Global Market Intelligence data), all pulled July 30, 2026. ETF prices via Interactive Brokers.
Reference data only — not investment advice and not a recommendation to buy or sell any security. Prices and multiples are point-in-time and change constantly. P/E ratios shown are trailing, not forward. Several names here are unprofitable, carry dilution and financing risk, or are small caps with thin liquidity; KORU is a 3x leveraged ETF that decays in choppy markets. Do your own research. © 2026 Nefarious Trading.