On Memory. I too agree that this is a cyclical phenomenon albeit super-cyclical. The current demand for HBM has no prior analog. It's as if a multi-trillion market was created out of nowhere because the hypercalers have converted their savings into CapEx. In and of itself this action should give us all some pause. Given the long lead times on building new capacity, the multiyear agreements signed by Micron that lock in pricing and estimates that there will be no relief till at least 2028. do you sense that the typical 4-year cycle is shorter than we should expect and this sell-off is a bit premature?
On Memory. I too agree that this is a cyclical phenomenon albeit super-cyclical. The current demand for HBM has no prior analog. It's as if a multi-trillion market was created out of nowhere because the hypercalers have converted their savings into CapEx. In and of itself this action should give us all some pause. Given the long lead times on building new capacity, the multiyear agreements signed by Micron that lock in pricing and estimates that there will be no relief till at least 2028. do you sense that the typical 4-year cycle is shorter than we should expect and this sell-off is a bit premature?
Tremendous effort.