$Micron Technology(MU)$ $Roundhill Memory ETF(DRAM)$ Bears probably won't like this one.
The forward setup is starting to price something very different from the old memory cycle narrative.
Modeling ~85% gross margins into 2027 tells you the market is no longer thinking in "typical semiconductor cycle" terms—it's pricing AI-driven scarcity, pricing power, and tight supply dynamics.
When the margin structure shifts like that, the debate stops being about near-term noise and starts becoming about whether the old cycle framework even applies anymore.
Either the model is wrong, or the cycle has fundamentally changed.
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