How should we assess upcoming earnings after Google's sharp decline? Could storage stocks once again outperform tech giants?

BlockBeats news, October 29 — AI investment returns have once again become the focus of tech earnings week. Google's stock fell about 10% in after-hours trading following its earnings report, as doubled cloud revenue failed to offset the pressure from advertising revenue missing expectations and expanding cash burn; Microsoft, meanwhile, gained market recognition on the strength of its robust cloud business and free cash flow.

At the same time, memory stocks — which once led the AI supply chain but fell behind continuously in the second half of the year — are once again showing relative strength. SK Hynix's record profits and long-term supply agreements further validate memory suppliers' pricing power.

While tech giants still need to prove how much return their massive AI investments can generate, memory manufacturers have already converted part of the demand into profits through price increases and deliveries. Is the logic that previously drove memory stocks to outperform now re-establishing itself during earnings season?