The [chip-equipment supercycle](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) narrative is compelling — unprecedented visibility into customer capex plans, massive spend cycles, all of it. But here's what gear makers aren't saying: when your customer (Micron, SK Hynix) is burning $10B+ annually on fab buildout, they have leverage. They will *demand* volume pricing.

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