[Chip-equipment companies](https://www.marketwatch.com/story/micron-and-other-memory-makers-are-driving-a-supercycle-for-this-corner-of-the-chip-sector-398c40c5?mod=mw_rss_topstories) are getting unprecedented visibility into memory makers' supply plans — sounds bullish until you map it: Micron and peers are ordering capacity because demand is outrunning supply right now. But here's the trap: once that equipment ships and fabs light up, the pricing power evaporates. Memory is a commodity.

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