MRAM
Not all memory is created equal
Kerrisdale Capital just crashed the Everspin party and basically said, “Nice AI trade... but this one’s a little cosplay.” The short seller argues Everspin Technologies is getting dragged into the same AI-memory frenzy lifting DRAM and HBM names, even though its MRAM chips serve very different use cases.
The short thesis in plain English
According to Kerrisdale, Everspin’s magnetoresistive memory is built for durability, low power, and data retention in harsh environments — not the blistering speed and density data centers want for hyperscale AI servers. Translation: the market may be pricing the stock like it’s a front-row ticket to the AI boom, while the company itself is still more niche industrial semiconductor than breakout AI darling.
Why investors are paying attention
Kerrisdale also poked at the numbers, saying Everspin’s revenue has hovered around the $50 million to $65 million range for years while the stock has ripped more than 300% in weeks. The firm estimates fair value at $14 a share, which would imply roughly 60% downside from where the stock was trading when the report hit.
- MRAM was down 6.06% to $31.33 at the time of publication
- The stock has jumped about 154.7% over the past month
- It’s up roughly 232% year to date
Big picture: when a tiny semiconductor name gets treated like the next AI giant, short sellers usually show up with a checklist, a calculator, and a lot of attitude.