Exactly. The raw wafer detail is what makes this different from every previous shortage. They're not buying inventory, they're buying capacity itself.
The enterprise procurement parallel is spot on. Once Samsung and SK Hynix retool their relationships and contracts around hyperscaler customers, the consumer channel becomes an afterthought they tolerate, not a market they serve.
Micron exiting Crucial is the canary. They did the math and decided retail margins aren't worth the operational complexity anymore.
Exactly. The raw wafer detail is what makes this different from every previous shortage. They're not buying inventory, they're buying capacity itself.
The enterprise procurement parallel is spot on. Once Samsung and SK Hynix retool their relationships and contracts around hyperscaler customers, the consumer channel becomes an afterthought they tolerate, not a market they serve.
Micron exiting Crucial is the canary. They did the math and decided retail margins aren't worth the operational complexity anymore.