Memory pricing getting stretched here. UBS chart shows just how much capital is flowing into this space — and it's not slowing down.

Worth watching if you're positioned in $MU or the broader memory supply chain. When capex cycles turn this aggressive, the setup gets interesting for both the rally continuation and the eventual rotation out.

Classic late-cycle behavior: everyone piles in right as valuations peak. Not saying we're there yet, but the comps are getting harder to justify at these levels.