How long can the supercycle in storage last? This earnings report sets not only $MU , but the valuation of the entire storage sector. For the shortage, some people see 2028—but the HBM gap remains. Meanwhile, long-term supply agreements have thinned the spot-market windfall, and if AI capex slows down, the cycle will shift from “shortage” to “booked orders.” After December, excess cash will be gradually returned to shareholders, suggesting the company itself is moving from a “price-hike” narrative to a “cash-flow” narrative. Verdict: the cycle isn’t over; the slope is flattening. What can carry through 2027 is HBM and long-term contracts—not all DRAM will rise equally. Do you think the supercycle still has one year left, or that it’s already in the back half? #股票财报季 $MU $SNDKB