The valuation disparity will close between $SNDK (~25-30x FPE) and $MU (8-10x). Outside of $SNDK being a “Pure-play AI storage” narrative, there’s limited advantages. Both are expected to have constrained supply growth at 20% in ‘26, but DRAM is expected to have MUCH higher demand pull (ie pricing power vs NAND) and be even more constrained longer-term. Still a bull of both, and think they each can 2x, but applied multiples needs a re-rating, likely in the form of MU expanding towards 12-15x.