Serenity said severe deleveraging is driving indiscriminate selling across AI-chain stocks. It cited memory-chip company ESMT, with market value of about $2 billion, third-quarter gross profit of $526.2 million, net profit of $330 million, net assets of about $937 million and net cash of about $740 million. On annualized current performance, Serenity put the price-to-earnings ratio at about 1.6 times.
Storage valuation
Serenity attributed the valuation gap to concerns over a cycle peak and weak competitive barriers, while pointing to DDR2 and DDR3 production-line exits and long-term supply agreements as potential support for traditional-memory pricing. The figures and analysis are attributed to Serenity.
Source: BlockBeats English report, published Nov. 5, 2026.