Michael Burry just shorted $MU at $1,052, and his reasoning is the whole debate in one trade. His case is history. Micron has had 34 drawdowns of more than 30% in 42 years. He calls it "cyclical like no other," says the HBM excitement is just another product in a long line, and points out the stock is stretched further above its 200-day moving average than at any point since 1984. He's betting the cycle always wins. It always has. The other side is what's new. 16 take or pay contracts now lock in $100B of minimum revenue, with $22B in customer deposits and commitments. None of that existed in the last 34 drawdowns. The bull case is that this time the contracts break the pattern. So it's not really Burry versus Micron. It's 42 years of cycles versus a contract structure that's never been tested in one. Betting with Burry or against him?