This divergence is driven prim

This divergence is driven primarily by technical and structural mechanics rather than fundamental macro re-pricing, as SanDisk's (+11.90%) replacement of Nike in the S&P 100 triggers mandatory passive fund buying while SK Hynix (+8.14%) capitalizes on its new Nasdaq DRs and record Korean AI-chip exports (+5.65%). However, with Micron (+6.10%) trading over $1,000 after a 2.5x YTD surge, riding this short-term passive liquidity window requires strict risk management, as high valuations leave little room for error ahead of Micron's September 30 earnings demand check and potential production risks from a strike threat at its primary Taiwan facility.

Two-Thirds of Next Year's Capacity Already Sold — Who's Still Shorting Memory?

Memory led Tuesday's rally as the Nasdaq closed at a record: SanDisk +6.82% to $1,887.04, Micron +5.00% to $1,096.16, SK Hynix +3.45% to $195.37. Rosenblatt started SanDisk at Buy, target $2,400, and about two-thirds of its next-year capacity is already contracted; Bernstein puts Samsung's Q3 HBM revenue up 72% QoQ. Bears had their own headlines: Michael Burry added to his Micron short on Acer's supply warning, and Micron's $25B Taiwan fab faces a possible strike — the stock rose anyway. Selling next year's capacity now: locking in profit, or borrowing from the upside?

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