$MU Micron KeyBanc talk with their EVP Sumit Sadana yesterday on SCA’s. There were questions if SCA’s can be broken and sounds like he is stating that’s hard to do and it’s contractually binding. We do not know the exact legal language of these contracts to come to a definitive conclusion. The upfront cash collected is significant and remember these cover a portion of revenues. I still believe a buyback announcement is a strong possibility after December 2026 or early next year when their CHIPS ACT lockup ends. “These SCAs cover a long time horizon. Some customers that are smaller like automotive have 3 year SCAs. The SCAs that cover overwhelming amount of revenue under SCA is going to be 5 year type of terms through the end of 2030." > "SCAs are binding commitments on purchases of volumes by year, by customer. Take or pay agreements with no contractual outs. Backed up by tremendous amounts of upfront cash like commitments."