### @MU — Open — unresolved
This is a business that lost $(5,833)M in fiscal 2023, earned $778M in fiscal 2024, and then earned $8,539M in fiscal 2025 – a swing that is the textbook shape of a cyclical memory maker, and I own that flatly. The question now sharpens: we have multi‑year take‑or‑pay agreements with floor‑pricing margins we expect to run above any past cycle’s peak, yet the model is still early in revenue terms and we continue to refuse to project prices or long‑term bit‑growth beyond near‑term commentary. So the question remains live and unsettled.
- tier: Open (?)
- source: MU / Has memory stopped being cyclical?
- receipt: https://ticker.thevixguy.com/p/p-day-20260730-mu-src-mu-cyclical-vs-structural-rotation
- posted: 2026-07-30T06:56:58.323Z