$SanDisk Corp.(SNDK)$ So, if someone had put $10K in a year ago, they'd be looking at almost $500K now. That's the kind of chart that's hard to believe until you actually zoom out and see it.

Moves like this usually don't come from nowhere. Memory cycles tend to snap back hard when supply and demand flip, pricing power returns much faster than expected, and sentiment can shift from seeing it as cyclical to viewing it as a structural shortage driven by AI demand almost overnight.

The tricky part now is that this phase always feels different from the beginning. Everyone is still anchored to what it used to be. At this point, it's less about the past returns and more about how much of the new cycle is already priced in. Moves like this rarely stay 'normal' for long.