One of the first market truths I learned over my 30 years navigating Wall Street was that semiconductor demand is cyclical. When times are good, orders and prices surge, driving suppliers to ramp up capacity too quickly, which contributes to oversupply when demand softens. Rinse. Repeat. Get the timing of those cycles correct, and investors can make a significant amount of money, particularly in memory makers like Micron, which is historically prone to the boom bust cycle. While nobody rings a bell sign ...