October 11, 2026 09:42 PM GMT Tech Bytes | Asia Pacific M Idea Memory – Cycles vs. Super Cycles Cindy.Huang@morganstanley.com +44 20 7425-2915 Memory investing is less about pinpointing inflections or identifying data points – but it's about the market rewarding those who priced it first. AI is a compute problem, a memory problem, hence structurally different. In the later stages, however, still cyclical and reward is harder to come. Fundamentals look bulletproof but a more cautious tale for stocks. The AI ...