[Micron's margin expansion](https://www.cnbc.com/2026/06/25/why-micron-technologys-gain-could-be-hyperscalers-pain-.html) is the earnings beat that costs hyperscalers billions. Memory chips represent 15-20% of capex budgets for data center buildout—when NAND and DRAM prices surge, it directly compresses operating leverage for the companies buying billions of units.

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