(https://www.cnbc.com/2026/06/24/micron-mu-earnings-report-q3-2026.html) with quarterly revenue jumping and a dividend declared. The narrative is clean: AI demand → memory shortage → pricing power → margin expansion. Textbook cycle story. But here's what the bulls are missing — and it's a structural risk that shows up *after* the good quarter. Memory commodity cycles are binary. When supply tightens, companies print cash and get rewarded.

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