[Dell's stock has beaten](https://www.marketwatch.com/story/dells-stock-has-beaten-micron-and-amd-this-year-and-now-its-adding-to-its-gains-11c00117?mod=mw_rss_topstories) Micron and AMD by a landslide this year, and the Street is crowning the PC cycle revival as The One True Narrative™. But here's what everyone's missing: that rally is built on memory spot prices staying elevated.

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