Drama in DRAM Memory ETF… And Trading Apple & Others At Record Highs… 10/13/26

Traders see China's CXMT and Starlink as credible but not yet proven threats, while mega-cap tech and payments names keep hitting record highs.

• Memory stocks hit again: Semis are down 18% from June highs as China's CXMT develops competing DRAM tech (4F Square) that could rival SK Hynix and Samsung; Elon Musk's (deleted) X post warned China scales production fast but noted high-bandwidth memory (Micron's focus) is harder to replicate.
• Bank of America fined $1.2B: Treasury/OCC penalty for anti-money-laundering failures (largest in OCC history) will cut Q3 EPS by 17 cents; no asset cap imposed, unlike Wells Fargo's prior consent order.

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