Home Stock Ideas Long Ideas Tech  Summary Micron benefits more directly from AI-driven HBM and DRAM scarcity, where supply constraints remain harder to resolve and pricing power appears structurally stronger and potentially more durable. Sandisk still has exceptional fundamentals, but upside increasingly depends on sustaining unusually strong NAND pricing rather than broadening volume-driven growth or underappreciated structural expansion. Sandisk’s rerating now reflects aggressive earnings assumptions, elevated positioning, and peak enthusiasm, making the stock more vulnerable if pricing normalizes earlier, AI capex growth moderates, or valuation multiples compress. The preferred setup is remaining invested through a relative trade: long Micron for stronger AI-memory durability while hedging cycle and valuation risk with a short Sandisk position.…