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memory just got flushed. KIOXIA -17%, WDC -16%, Micron -13% on the day while Nvidia held -1% and crypto shrugged.
the constraint de-rated, not the demand. capex is still +77%, HBM sold out, Huang says we're at the start of the cycle. this is 2028 oversupply fear pulled forward.
but US memory funding is still positive, nobody capitulated. is this the dip you buy, or the first leg of the AI-trade unwind?