September 24, 2025 03:19 AM GMT Investor Presentation | Asia Pacific M Foundation Correction: AI Stock Leadership Broadening to Commodity Memory US stock picks: We prefer NAND over DRAM, having recently elevated SanDisk to a Top Pick. Without clarity on HBM returns in 2026, upside will remain limited for Micron already pricing "as good as it gets" assumptions. EU semicap: OW ASML with greater memory exposure (39% of revenue in 2024 and 36% in 1H25). It is likely to benefit more as the memory cycle – particu ...