Floor prices and pre-committed volume convert peak-cycle memory pricing into durable contracted cash flow HBM + premium DRAM capacity pre-committed · sold out to 2026 / H1 2027 Cyclical spot Spot price revenue no floor · no pre-commit Operating cash flow swings with the cycle Peak-cycle multiple reprices down as momentum cools Contracted SCA Contract revenue slab floor price · pre-committed vol floor price holds margin above peak Operating cash flow durable · net-cash · record capex Durability repricing multiple sustains as momentum cools past-cycle GM peak past-cycle GM peak price-multiple outcome peak-cycle durability floor prices + pre-committed volume = memory repriced on durability