$MU wants you to believe it has cured semiconductor cyclicality. The bull narrative is salivating over 16 'Strategic Customer Agreements' promising $100 billion in cumulative revenue through 2030. It reads beautifully on a Saturday morning.
But let's look at the historical data on 'mega-contracts' in cyclical sectors: supply-tightness narratives always feel permanent at the top of the cycle. When demand falls off a cliff, those multiyear commitments get renegotiated, deferred, or litigated out of existence.
Amateurs buy the projection. Professionals trade the actual cycle. Enjoy your coffee, write down your watchlist, and do not buy the 'this time it is different' structural growth fairy tale.