Morningstar Wealth's William Kerwin and Futurum's Dan O'Brien talk all about the state of the AI chip trade, from memory volatility to semiconductor consolidation. William says we are still in the early innings in terms of timing, and we will see an acceleration in the months to come. Dan says he views this as a structural sector trend versus a cyclical one we’re seeing right now. They also discuss how far the memory rally can run and analyze margins in the memory industry.