How one chip stock reversed the global tech selloff, exposed AI’s ‘memory tax’ and made the case for an entire valuation regime change

Micron blew past expectations and guided much higher, sending its stock up and pulling NVIDIA, AMD and the whole chip complex with it.
The company locked 16 five‑year take‑or‑pay deals (about $22B committed), creating a multi‑year pricing/earnings floor that could tame memory’s boom‑bust cycle.
AI has made high‑bandwidth memory strategic and supply‑constrained — a new “memory tax” on hyperscalers that supports durable demand but carries competition and macro risks.