Just listened to the KeyBanc interview with $MU Chief Business Officer, Sumit Sadana. The highlights were absolutely INCREDIBLE and VERY bullish. They include: - “Business continues to be exceptional” - “Since earnings [on June 24th], demand from our customers has increased even further” - “Conditions will continue beyond calendar year 2027 and 2027 calendar year will be tighter than 2026 because demand growth is faster than supply” $250 Billion of investments in coming years - “We are at such early stages” - The growth in HBM memory means for every 100 bits, you need 3-400 bits of DDR memory, so it reduces DDR supply even more - Building a manufacturing fab and ramping it is *significantly harder* than building a data center and takes years - Every customer is saying #1# constraint they have is DRAM (not power, or other things) - We expect to have a prolonged excellent financial performance “for a very long time” - “The nature of our engagement with customers is at levels I have not seen in my entire career.” - Working on engineering designs with our customers that are planned for beyond 2030 - New Strategic Customer Agreements (SCAs) are far better than previous LTA (Long Term Agreements) because: they cover longer time horizon of 3-5 years, they are binding commitments by year with “Take or PAY” with very stringent and binding terms, backed up by “tremendous amount of up-front cash that we hold on our balance sheet.” The SCAs have pricing that are either “floating” (market price) or a price band that have both a ceiling & floors. Floor pricing provides better gross margins than historical peaks on margins. Physical AI such as humanoid robots might drive future demand even greater than what we’ve seen. May be astronomical!