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Storage has entered a full-scale crash mode:
1. Antitrust lawsuit.
Samsung, SK Hynix, and Micron $MU are accused of illegally colluding to limit DRAM supply and drive up prices. Micron's earnings just bombed, and now they are being sued for illegal manipulation.
2. Everyone is cashing out.
Micron $MU 's CEO and Corning $GLW executives have been selling heavily at the top, with zero insiders buying.
Last month, Corning $GLW 's CEO sold $30.7 million worth of stock at the peak.
3. Valuation is absurd.
Corning has a P/E of 90x, Micron 49x, and options implied volatility at 81.7%.
The story is over.
HBM supply shortage, pricing power, and insane margins have all been realized.
What follows is the antitrust lawsuit smashing pricing power.
SK Hynix's July 10 US stock listing was supposed to be a valuation recovery opportunity, but now it's been crushed by the lawsuit.
The storage super-cycle isn't over, but the story of pricing power has ended.