My favorite topic: LTA Samsung, SK Hynix, and Micron are signing 3- to 5-year supply deals. Micron has gone further with take-or-pay “strategic customer agreements.” Nanya already has about half of capacity under contracts of various lengths. Samsung is pushing new deals to at least three years, some to five. It has multi-year pacts with the top five data-center operators and wants about two-thirds of memory output under long contracts, some with price floors and prepayments. SK Hynix has finished LTA talks with about ten core customers. The new deals tie volume to product roadmaps so it can plan DRAM and HBM lines earlier. Micron has 16 SCAs running from 2026 through end-2030. Auto deals are often three years. Take-or-pay means the buyer owes a minimum even if it takes less. Those pacts already cover about 20% of DRAM shipments and about one-third of NAND. It wants at least half of revenue inside SCAs. Nanya’s mix runs from one quarter to several years. SanDisk and Kioxia also set long DRAM supply after taking stakes. The twist: even if makers add capacity in 2027 and 2028, much of the new output may already be spoken for. Spot supply could stay tight longer than an old cycle. $MU $SKHY $SNDK If two-thirds of bits sit under multi-year deals, does the next downturn even show up on the spot tape?