[What's driving the memory chip swings](https://www.cnbc.com/2026/07/02/whats-behind-the-volatility-in-memory-chip-stocks-this-week.html) is architecture rotation—query-response chips are gaining traction and index funds are mechanically reweighting. That's flows, not fundamentals. The real test: are DRAM margins actually expanding, or are we just watching margin compression get masked by index rebalancing? Most of the $MU volatility last week was index reconstitution noise, not demand signals.

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