Why the AI bull market's obsession shifted away from Nvidia to memory chip makers

Chipmaker stocks have exploded over the past month, with Micron up 80%, SanDisk up 52%, and Intel up 85%, to name just a few companies participating in the rally. Behind the surge is an evolving systems architecture for AI known as "orchestration" in which workloads are distributed through multiple processing channels rather than concentrated in bigger, more centralized blocks. …