The call: Morgan Stanley analyst Erik Woodring caught our attention with a new note out on Tuesday on ways to play the memory chip price increase. "First, it's increasingly clear enterprises are viewing memory 'Chipflation' as a multi-year structural headwind," Woodring wrote. He added that he believes enterprise hardware names, especially those exposed to the server and storage themes, have further upside to analyst earnings estimates. … In other words, we are probably closer to the end than the beginning of the upcycle, and Hardware stocks are historically very expensive," Woodring wrote. A Samsung Electronics V-NAND memory chip displaying model details is pictured in Santa Clara, Calif., on Aug. 4, 2026.