the number that actually matters isnt the revenue, its the 84.6% gross margin and the ~86% guide. memory was always the cyclical dog of semis, low margin, boom-bust. if MU can hold mid-80s margins because AI HBM is sold out, this stops being a cycle stock and starts re-rating like a structural winner. that 100B of contracted revenue across 16 customers is the part i keep rereading.
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