On this one, I don’t agree. This feels a bit like price => narrative, and the claims aren’t supported just stated. 1) Define “memory losing steam.” The stocks stopped going vertical? Good. That’s partly technical and partly the industry deliberately trading spot upside for contracted volume, floors and longer-duration FCF, i.e. the seeds of higher P/E And if LTAs are meaningless, you’re asking us to believe an oligopoly that knows the issue better than anyone given burned in 2022, knowingly gave up upside for no downside protection. Just a win-win for the customer. That strains credulity. 2) What exactly is “not coming up roses”? Cloud growth remains strong, lab ARR remains strong, and Anthropic exited the month in the low $80s after adding nearly $20bn. I suspect the big two collectively hit $350BN ARR at year end based on july momentum rolled fwd / compute coming online. What is the contrary datapoint for the labs? 3) Financing is the oddest claim. September hike pricing just moved materially lower (we printed neg CPI and neg NFP in succession for those not paying mind…), wage growth is trending consistently lower, and a hyperscaler just printed $25bn five times covered. The “Big unwind” kinda already happened? It could of course continue as a tape call but the best potential driver wasn’t mentioned: equity supply.