Fynamics

$mu with another reminder that memory makes the rest of the datacenter capex chain just look stupid now. At 40bl+ op income next quarter its outearning $aapl $goog $amzn $meta $msft meanwhile $amd been almost same mkt cap and they printed 1.5bl op incom last q. You really want to pay 70x 2028 fcf for optics suppliers when they are both competing against this return profile on the same theme and in the bom. Yes, it won't last for forever but in the case of some stocks the crowding out effect and rent capture is all that matters in this buildout cycle, and they are massive relative losers to this complex.