Memory – Winds of Change? No fundamental changes post the Jan. 6 rally – we expect more conservative 1Q25 guidance, confirming the cycle inflecting lower. Channel checks do not support upgrades. At a high level, more scraping the bottom of the AI narrative barrel (CES), but we maintain a cautious view in our base case. Justifying the recent rally... When share prices are up, then sentiment is up. And vice-versa. Last December was unpleasant for the DRAM sector, with stocks down 2% as a group (Hynix +8%, Sam ...