AI infra semis boom w/NVDA earnings catalyst

NVDA May 21 earnings beat but sells off; data center strength. Memory costs 63% of AI chip spend. AMAT Q2 beat, raised guidance. Intel up 4.5% on AI product launches but downgraded by Northland. Marvell upgraded by HSBC to Buy ($300 target) with 12% swing expected. UiPath as hidden AI value play. Contrarian views argue Nvidia/Micron still cheap. China chip stocks jump on Huawei hopes. Global AI capex reshaping rankings. Latest: Photronics Q2 preview highlights AI chip packaging mask demand; Micron hits $1T milestone (confirmed) boosting Nasdaq; SK Hynix also hits $1T valuation; Semtech Q1 beat; SNOW earnings beat and 36% surge on $6B AWS commitment for agentic AI, validating cloud/AI capex boom. Apple price target upgrades on Gemini-powered Siri add AI catalyst ahead of WWDC. Morningstar increased fair value estimates for Intel, AMD, and Seagate on AI infrastructure demand. CoreWeave analysis shows $98B backlog but high debt, speculative AI compute play. Box Q1 beat but tepid guidance, stock down 4%, AI monetization not accelerating. Salesforce earnings preview could confirm software bull market. Astera Labs stock up 227% in one year on AI connectivity demand; insider selling caution. Market pulled back from records as chip momentum fades; earnings tonight (MRVL, CRM, SNOW) could set tone. Goldman Sachs flags bubble risks. Goldman raises S&P 500 target to 8,000 on AI-driven EPS growth. Melt-up narrative with historical precedent.