(https://www.marketwatch.com/story/ericsson-ends-up-on-the-wrong-side-of-memory-chip-price-spike-the-stock-slumps-b1aa5eda?mod=mw_rss_topstories) on earnings because rising memory costs crushed component margins — and here's the thing nobody's connecting: this is the inverse of what happened in 2024. Back then, NVDA hoarded supply and charged premium margins. Now the supply chain is normalized enough that *users* can't pass through cost increases.

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