SK Hynix confirms the demand s

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SK Hynix confirms the demand side. It doesn't tell you much about what's priced in. SanDisk is a NAND pure play, and Hynix is shifting capacity toward HBM, which tightens NAND supply and helps SanDisk's pricing. But the stock has already run hard on that story and NAND has always been the most commodity-like corner of memory.

I'm bullish on the cycle, cautious on the multiple. The key question is how much of next year's volume is locked in under long-term contracts versus exposed to spot pricing. Until supply catches up, the cycle can keep going. The risk is that every major producer adds capacity at the same time, and that's usually when pricing turns.

# Earning Season

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