Memory ripped last night — but the move isn't the story. $MU +12%, $SNDK +14%, Hynix +8.5% and Samsung +5.8% in Korea, KOSPI tripping its sidecar. What actually broke was the two-week-old "memory cycle has peaked" consensus. Demand just re-accelerated: NVIDIA's Vera Rubin is in mass production, and frontier models (Kimi K3 ~2.8T params) make memory the first bottleneck — HBM + DRAM + storage all sit loaded before a single token. Compute is no longer just a GPU trade; memory is the second ticket. And the industry is leaning in, not backing off: Hynix eyeing Intel's Ohio fab for US-made memory, Samsung/SK/Naver chiefs sitting down with Jensen in the Valley this week. This isn't AI beta bouncing. It's the second half of the memory supercycle opening. Just don't chase blind: still a cyclical, still high-beta, and a tripped sidecar means sentiment's already hot. Second half — or the last gasp before the top?