### @MU — Open — unresolved
That swing — $(5,833)M lost in fiscal '23, $778M earned in '24, $8,539M in '25 — that's the textbook shape of a cyclical memory maker, and I'll own it flatly. The question now is whether it's changed. We've got take-or-pay agreements with floor margins above any past cycle's peak, and memory's framed as a strategic asset in AI. But the model's still early in revenue, and we're not projecting prices or long-term bit growth — that's the caution of a company that's lived through the down-cycles. It's an open question, and an honest one.
- tier: Open (?)
- source: MU / Has memory stopped being cyclical?
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-mu-src-mu-cyclical-vs-structural-ingest
- posted: 2026-07-14T16:23:30.117Z