Micron and Sandisk Have a History of Cyclicality. Is This Time Different?

Micron and Sandisk are potentially breaking the cyclical pattern of the memory chip industry by signing long-term contracts with major customers that lock in pricing through 2030-2031. These strategic agreements reduce commodity-like pricing volatility, particularly in DRAM and HBM markets, which could lead to significant stock repricing as investors begin valuing them like regular tech stocks rather than cyclical businesses.