Kerrisdale Capital published on Everspin Technologies (NASDAQ: MRAM — $790 million), a niche chipmaker company. Kerrisdale alleged the company “doesn’t have a meaningful role in the hyperscale AI infrastructure buildout driving today’s semiconductor boom” despite its stock rising 300% over the last six months. Kerrisdale estimated the company has 63% downside and wrote:
“Despite lacking the growth, scale, and strategic positioning of real AI memory beneficiaries, MRAM now trades at an absurd ~10x ’27E sales and ~38x ’27E EBITDA. Meanwhile, actual AI memory winners trade at lower multiples despite dramatically faster growth.”
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