AXIOS (Matt Phillips) - Why the market's biggest winners look so cheap
Data: FactSet; Note: As of June 30, 2026 market close; Table: Matt Phillips/Axios The market's giant winners this year — memory-related stocks — also look ridiculously cheap. Why it matters: Their low price-to-earnings multiples reflect the market's worries that the current boom times won't last. Yes, but: Some analysts argue that this time is different because of the arrival of AI as a giant new source of demand for memory. They say the market should start valuing memory shares more like other tech companies. - If the memory bulls are right, it could keep the market climbing. Case in point: Take SK Hynix, the South Korean memory chipmaker and market darling that soared more than 500% over the last year. - It just raised $26.5…