This muted reaction is quite surprising but the smart money is checking how much runway is left in this AI memory supercycle.
The metric I would be watching closely would be A: HBM Demand and Cloud Hyperscaler Capex Spend. It makes perfect sense to follow the biggest wallets in human history.
This is the absolute holy grail signal. I care about the fact that Big Tech like Microsoft, Amazon & Google are spending hundreds of billions in data center Capex.
HBM is the physical oxygen of AI reasoning. If Tech Titans keep expanding their cloud budgets, Micron's HBMs remain completely sold out through 2027. If Capex stays vertical, the upcycle is bulletproof.
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