May. 6 at 1:44 PM
THE SUPER CYCLE — PHASE ROTATION CONTINUES--2
Phase 2 = Memory stack stepping into spotlight
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Capital doesn’t disappear in cycles — it rotates into the next bottleneck.
Now it’s memory:
$MU leading DRAM + HBM exposure into AI servers
$WDC playing the storage + enterprise demand recovery
$STX benefiting from NAND cycle tightening
$SNDK positioned for high-density data center memory rebuild
This is where AI stops being “compute only” and becomes data throughput constrained.
Every agent loop, every inference cycle, every model refresh = memory bandwidth demand exploding.
Wall Street is still overweighting GPUs as the only story… while memory quietly becomes the next supply choke point.
Phase 2 is not narrative — it’s physics.
When compute scales, memory becomes the limiter.
