The AI message: the anonymous analyst behind P Equity Research, Mr. P, who has been tracking the development of AI infrastructure for the long term, believes that no matter how strong AI demand is, the storage industry cannot escape cyclical patterns. As long as the capital expenditures of ultra-large cloud providers eventually slow down, storage will still go through periods of boom and downturn—though long-term contracts may make the next downturn cycle less severe. (Source: ME)