I read it as both, but more bullish for memory suppliers in the near term.
The interesting part is that the “5-7x” comment came from Intel, a buyer complaining about costs, rather than Micron or SK Hynix talking up their own pricing power. That gives the shortage story more credibility.
But 5-7x pricing is also a warning. If memory becomes too expensive, customers delay projects, cut specs or reduce demand. So the next confirmation has to come from MU’s margins and guidance, not just spot prices.
For now, scarcity is helping memory makers. The question is when high prices start destroying demand.
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