$MU is generating enormous cash from the memory cycle. But how long can it last? Micron's latest reported quarter delivered: - $54.23B in revenue - 86.8% GAAP gross margin - $43.97B in operating cash flow - $33.20B in adjusted free cash flow Those numbers make $MU a different kind of AI trade from $NVDA and $TSM. The cash generation is already here. The question is what happens when memory prices rise high enough to pressure customers' budgets. As @Athena_Slays raises, expensive memory could eventually hurt customer demand. That's a risk to test, not proof that a downturn has begun. Micron also expects roughly $25B in net capex in the first half of fiscal 2027, with even more spending in the second half. Strong profits today don't automatically guarantee the same margins tomorrow. Is $MU still a cash generating AI winner, or is the market underestimating the risk of memory prices normalizing?