This looks less like a thesis break and more like the market exhaling after an extreme run. When an entire storage complex sells off together after outsized gains, its usually positioning and profit-taking—not a sudden loss of conviction. As long as AI memory demand, pricng power, and capex cycles stay intact, volatility creates entry points rather than exits. Trend reversals tend to show up in fundamentals first; this move showed up in price.

Markets are quietly telling two stories at once: the labor data is cooling just enough to keep the Fed cautious, while capital is still sprinting toward AI infrastructure where demand is structural, not cyclical. Near term, geopolitics and rates drive volatility; long term, compute, storage, and energy efficiency decide the winners. January strength looks less like speculation and more like positioning for where growth is actually being built.

[Happy]  

[Miser]  

[Duh]  [Duh]  [Anger]