Forget cyclicality. The memory shortage is structural & extends well beyond 2026. Micron's CEO confirms they can only meet ~60% of insatiable AI-driven demand, creating a durable supply/demand chasm. This underwrites a multi-year supercycle and sustained pricing power. The $200B US capex plan is the signal. The true bottleneck for AI expansion isn't capital, it's silicon. This is a secular tailwind for the entire hardware stack and a core long for NDX.