cycle position
aspelevated
gross marginpeak
epspeak
pricesteady
p / elow
readvalue trap
Why a low P/E at a memory-cycle peak is a warning, not a bargain peak formation trough formation price / eps price eps ratio low p/e tight supply + AI demand ASP up ASP inflation revenue up margin + EPS peak peak EPS low P/E denominator effect supply normalizes hynix / samsung + CXMT online ASP mean-reverts margin compresses EPS falls faster P/E expands at the trough classic value trap
peak-active trough-active denominator effect dormant path