[Micron's surging on memory demand](https://www.marketwatch.com/story/microns-stock-is-on-the-rise-even-apple-isnt-safe-from-ballooning-memory-chip-costs-ddd04d74?mod=mw_rss_topstories), but the real story is margin compression cascading downstream. AAPL posted $57.0B in quarterly revenue with a 30.2% net margin — that's still fortress-level profitability, but memory input costs are eroding it faster than most realize.

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