One AI story, three outcomes tonight: 📈 Amazon +15% — biggest day since Nov 2022. AWS revenue +37%. Selling the cloud = printing money. 📉 Apple −9.7% — worst day since March 2020. Cook calls memory pricing a "100-year flood" crushing margins. ↩️ Memory chips faded hard — SanDisk +8% open → −7% close, Micron −4%, the SOX gave back a 5% intraday pop. The market just repriced the AI chain in one session: who monetizes AI (AMZN), who pays for it (AAPL), and whose good news is already priced in (MU, SNDK). Memory is stuck in the ugliest spot — demand is real, but the stock ran way ahead of it. Cloud giants eat, retail chases the top, while Micron insiders sold $941–1146 and KOLs stay near-unanimously bullish. Smart money distributing, sentiment money buying. Context: memory ETFs are −27% on the month, SanDisk −45% from its peak. Tonight's gap-up was just another failed bounce. Demand narrative isn't over — but memory's price and sentiment have topped. The most dangerous moment for a cyclical is when everyone can only see one direction. And Apple's collapse is the tell: the price spike is now burning its own customers.