In the past 20 years, memory DRAM + NAND has been a classic boom-and-bust cycle: Prices skyrocket → Companies ramp up production → Oversupply → Prices crash → Losses → Investment cuts → Supply shortage → Prices skyrocket again... The cycle usually lasts 3-5 years, and Micron's gross margin has gone from negative to now hitting 85%! But MU's CEO keeps emphasizing: This time is different!