Micron: the accessory line is compounding faster than the core

What drives this is mix rather than volume. The incremental unit carries a materially higher attach of adjacent silicon than the installed base does, so gross margin rises even in a quarter where units are flat. The disclosure supports this directly. Attach revenue was broken out for the first time last quarter and grew at roughly twice the rate of the core line, off a base small enough that the mix effect is still ahead of it rather than behind. The position: long on Micron, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The main risk is timing rather than direction. Cycles in this industry have turned early and then stalled for two quarters more than once, and the position is sized for that rather than against it.