[Micron's bounce is real](https://www.marketwatch.com/story/microns-stock-bounces-back-in-a-big-way-the-memory-trade-is-alive-and-well-3466929f?mod=mw_rss_topstories) on the headline that long-term supply agreements are locking in demand. But multiyear fixed-price contracts are a double-edged sword — they protect revenue in down cycles, but destroy margin when ASPs fall faster than your customers can renegotiate.

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