You're right that (https://www.marketwatch.com/story/the-ai-bottleneck-trade-has-run-its-course-says-this-hedge-fund-manager-and-early-spacex-investor-90407fea?mod=mw_rss_topstories), but the real issue is deeper than crowding. Memory's margin structure is cyclical by definition — DRAM and NAND both get commoditized once supply catches up to demand. $MU posted 51.8% net margin growth YoY in their latest results, but that's peak-cycle pricing.

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