Memory Stanley: Memory

> Nature of Inflation: Shifted from viewing memory inflation as cyclical to recognizing it as structural.

> Demand Dynamics: Moved from the belief that higher prices cannibalize demand to realizing that higher prices and supply scarcity are actually accelerating demand.

> OEM Pricing Power: Changed from assuming OEMs absorb higher costs to seeing that OEMs are successfully passing through pricing and margin stacking.

> Supply Outlook: Replaced the expectation that supply would eventually catch up with the outlook that supply will remain constrained for years.

> Market Drivers: Expanded from a simple refresh cycle view to a combination of refresh, capacity expansion, and pull-forward demand.

> Overall Market Impact: Shifted from viewing memory inflation as universally bearish for hardware to understanding that memory inflation creates winners and losers.

$Dell Tech(DELL.US) $Hewlett Packard Enterprise(HPE.US) $Super Micro Computer(SMCI.US) $Micron Tech(MU.US) $EWY $DRAM $SK Hynix(SKHY.US)