you should realise that the most counterintuitive thing in memory is that the market is pricing two opposite stories at once on one hand we have memory satellite plays (RMBS, BESI): 40-60x P/E, priced as secular growth with no cycle discount. and on the other hand, the leaders (Micron, Hynix): 6-9x forward P/E, priced like peak-cycle memory names about to roll over. the satellites are priced like the structural winners. the actual winners are priced like cyclicals That is the real mispricing in the market today. Not in the beta memory plays (probably fully valued).. But in the boring leaders that the market still refuses to believe will have durable earnings for the next few years. $MU
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