The most valuable comment from the Micron call is probably that they expect supply in 2028 to be even tighter than in 2026. Some Anal-ysts are claiming there will be oversupply in 2028. That's absurd. What this comment tells us is that a substantial portion of 2028 volume is already contracted. Enough LTAs have been signed that 2028 is now within visibility. Why are memory stocks trading at such low P/E multiples right now? Obviously, because everyone believes this boom will be short lived. Still, let's think about it one more time. We don't know about 2029 or 2030, but can't we at least treat demand through 2028 as certain? If demand is locked in through 2028, I think the P/E multiple should at the very least be higher than it is now.