Spot DRAM prices have been climbing for weeks now and the stocks have already run hard ahead of it, so the real question isn't whether the shortage is real, it's how much of the next two quarters is already priced in. Micron's diversified across DRAM/NAND/HBM while SanDisk is a pure flash bet post spin-off, so they're not really the same trade even though they get lumped together in the same "memory supercycle" headline.