Memory supercycle, take two. The setup now is different from past cycles. HBM is sold on multi-year contracts to a handful of AI buyers, 2026 capacity is locked, and the shortage may run to 2028. SK Hynix at +186% ytd and a $1T cap is the upstream tell. The risk is the same as always, memory is still cyclical, but the visibility this time is unusually strong.
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