Rubin's Downgrade Triggers Deep Memory Stock Sell-off, Market Views Summary: Potentially Only a Transitional Measure, Bullish for SSD and Optic Interconnect

June 5 — Well-known tech research firm SemiAnalysis roiled markets late Wednesday with a report revealing major adjustments to NVIDIA’s next-generation AI server cluster, the Rubin NVL72: per-cabinet memory capacity will plummet from the originally planned 55TB to just 28TB, and most Rubin systems will use 96GB SOCAMM modules instead of the initially planned 192GB units. The news triggered immediate sell-offs in memory stocks: Micron closed trading down 7.7%, while South Korea’s SK Hynix opened Thursday’s session with an 8.32% sharp drop. Still, overall market sentiment leans cautiously optimistic, with many investors arguing the reaction is overdone. US stock influencer Herman Jin commented that the memory downgrade boils down to supply constraints—not falling demand. He added NVIDIA’s upcoming switch-focused solutions may carry similar bearish headwinds, reiterating that model-side demand remains the critical gauge for whether the AI boom is nearing its end. Other market observers caution the industry should track whether the memory cut is just a transitional fix. Additionally, as CPU-side system memory shrinks to accommodate large context (KV Cache) data, the GPU computing power bottleneck will inevitably shift to SSDs and interconnection infrastructure. This means cloud service providers (CSPs) will need to purchase more high-performance SSDs or adopt faster in-cabinet connectivity solutions—benefiting NAND players like KIOXIA and SanDisk, plus optical interconnect firms LITE, Marvell (MRVL), and Corning.