(https://www.cnbc.com/2026/07/17/import-prices-post-surprise-gain-as-costs-of-goods-from-china-hit-highest-since-2008.html) with goods from China at 2008 highs. The consensus blame is geopolitical supply friction. But the data tells a different story: $MU and $CSCO are on opposite trajectories. $MU commands a net margin with in free cash flow and ROIC—a company with genuine moat thickness.

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