$MU $DRAM $SNDK Let me break this Morgan Stanley's chart precisely. The blue bar is what the industry can produce by 2027 at current trajectory. The tan/beige bar on top is the incremental DRAM demand that Agentic AI specifically adds by 2030 on top of that 2027 supply baseline. Lower bound: Agentic AI adds 26% more DRAM demand on top of 2027 supply. Meaning even in the conservative scenario the industry needs to produce roughly a quarter more than everything it can make by 2027 just to meet the additional Agentic AI driven demand by 2030. Upper bound: AI adds 77% more DRAM demand on top of 2027 supply. Meaning in the bull case the industry needs to produce nearly double what it can make by 2027 just to meet AI demand by 2030. Mind the mid-point: ~52%. That's huge in just a few years. This is incremental demand on top of everything already projected. Morgan Stanley is not replacing the existing DRAM demand forecast for 2030. They are saying Agentic AI creates an additional 15 to 45 exabytes of demand that did not exist in prior models. Extraordinary. Why? The industry cannot simply flip a switch and produce 77% more DRAM by 2030. HBM alone consumes 3 to 4 times more wafer space than standard DRAM per gigabyte. Supply takes years to build. Fabs take 3 to 5 years to come online. Morgan Stanley is essentially saying it is a structural gap that widens every year through 2030. 2031 to 2040 is the decade that matters most to me. The race for Artificial General Intelligence. Think about what AGI actually means. Not a smarter chatbot. Not a faster agent. A system that thinks the way humans think. Learns the way humans learn. Remembers the way the best human minds remember. A true AGI does not forget your conversation from yesterday. It does not lose context from a week ago. It builds on every interaction. Every piece of information. Every relationship between ideas. Continuously. Permanently. That is near infinite context. And near infinite context requires near infinite memory. The 15 to 45 exabyte DRAM demand Morgan Stanley projects for 2030 is the appetizer. AGI is the main course.