BREAKING NEWS: We Told You AI Memory Category Was on Fire
How to read the business news through a Category Lens.
Welcome to the Pirate Street Journal. The Wall Street Journal covers companies. We cover categories. Each week, we pick three headlines worth paying attention to and break down the category underneath. Read the news through a different lens.
Dear Friend, Subscriber, and Category Pirate,
AI Memory is going from Commodity to Transformation in record time.
Before we go deep, here are a few changes to look for:
The first two volumes of the Pirate Street Journal Deep Dive Reports (DDRs) have been very timely.
In volume 1 on May 22, 2026, we said AI hardware was about to re-rate. Micron is now up 61% and just posted the best quarter in its history.
In volume 2 on June 10, 2026, we said more than one thing can be true about the SpaceX IPO. That SpaceX would be well positioned for the long run and that the IPO would be volatile near term. Stock IPOd at $135, traded up to $202, and is back at $153 as of June 25, 2026.
Both were spot on, and their value was in the timeliness of the post. They are meant to be helpful not just that day, but in the near term over the next few months, quarters, or even 1-2 years.
So we’re making two changes.
First, we’re separating our Pirate Street Journal episodes from our DDRs. The reports have gotten long enough to earn their own lane. Going forward, Pirate Street Journal episodes drop on Tuesdays, and the mini-books and DDRs come out every other Friday.
Second, we’re changing who gets what. Going forward, there are two kinds of reports:
Deep Dive Reports (DDRs) are the long, twice-a-month Friday reports. Founding Members get the full report. Everyone else gets a preview in their inbox and can read the rest by upgrading.
Breaking News reports go out when there is breaking news on a category transformation. Every paying subscriber gets these in full, Monthly and Founding alike.
Starting with the next DDR, the complete version is a Founding Member benefit.
Want the whole thing every time? Become a Founding Member, and you’ll get every future DDR start to finish the day it drops, plus:
The Pirate Eddie Bot and the Christopher Bot
Our entire audiobook library
All seven of our full-size books
Hey ho, let’s go!
Piratey disclaimer. This is NOT financial advice. None of us have a Series 7, a Series 63, a CFA, CPA or an IUD. Think of this like professional wrestling. It is entertainment and category design education. Do not be so smart you get stupid and suplex your savings.
1. Donkeys in a Blender = Business Media Today
That’s what business media sounds like right now.
AI is going to change everything. AI is overhyped. Nvidia is the most important company in history. Nvidia is the next Cisco. Markets up. Markets down. Buy. Sell. Panic. Repeat.
It’s not just exhausting.
It’s wrong.
Not wrong on the facts. Wrong on the frame.
Business media covers companies. So when a company beats earnings, they cheer. When a company misses, they panic. When a CEO announces a $50 billion stock buyback, they speculate about desperation or genius for three news cycles and move on.
What they never do, what they are constitutionally incapable of doing, is ask the only question that actually matters:
What is the category doing?
This is not a small distinction.
It is the difference between noise and signal.
It is the difference between reacting and seeing.
It is the difference between following the herd and building generational wealth while the herd calls you an idiot.
Categories make companies. Companies do not make categories.
Read that again slowly.
Because once it lands, you cannot read business news the same way ever again.
2. This is About the Memory Category, Not Just Micron.
Five weeks ago, we said AI hardware was about to re-rate.
Not a company. A category.
The donkeys screamed about the AI trade being on, then off, then on again. The Wall Street Journal went superficial (“the AI rally is officially back on”) as if anyone who understood real market categories ever thought it was off.
We weren’t looking at a company.
We were looking at a category in the middle of perhaps the fastest transformation in modern market history.
From commodity to transformation.
Memory was no longer a cyclical commodity. It is core to the AI experience, and AI is way early innings. Pirate AJ on X, the best and most different Wall Street Analyst, said it plainly, “AI Hardware is the endgame.” We stand on the big shoulders of his one-of-one analysis, and Pirate Eddie gladly pays $500/month for his POV.
Micron’s stock has more than tripled this year. It is up more than seven times in the last twelve months. 14 out of 18 trading days in June 2026, Micron has been one of the top three highest dollar volume of trading in the entire stock market.
So what happened?