A Memory Most Convenient

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A Memory Most Convenient

It is a truth universally acknowledged that a company in possession of a good fortune must be in want of a narrative. And so it is with Apple, that most prodigious of fruit-named enterprises. Their quarterly pronouncements, delivered with the solemnity of an oracle, are not, one suspects, intended for the enlightenment of shareholders, but rather to construct a reality most agreeable to their ambitions. This latest spectacle, concerning the lamentable scarcity of memory chips, is a case in point.

The Stage is Set: A Plea of Constraint

Sixteen times, if one has bothered to count – a task for pedants, surely – did the word “memory” grace the lips of Apple’s representatives. Not the recollection of past glories, alas, but a feigned distress over a present inconvenience. They spoke of ‘supply constraints’ and ‘chase mode’ as though afflicted by a most grievous malady. One almost expected a physician to be summoned, rather than a procurement officer. The air was thick with a carefully cultivated desperation.

Mr. Cook, that most polished of performers, declared that this shortage had, thus far, exerted but a ‘minimal impact’ on their coffers. A statement delivered with such innocent gravity! Yet, he hinted at darker days to come, forecasting a future where even Apple’s bottom line might suffer. A masterful stroke, this. To preemptively lament a future loss is to subtly justify a present extravagance.

And, naturally, the inevitable conclusion: prices will rise. A revelation as startling as the sunrise! One suspects that were the supply plentiful, these chips would be offered at a pittance, out of sheer benevolence. But alas, the market demands its due, and Apple, ever the obedient servant, must pass the burden onto the consumer.

The Players and Their Parts

Micron, that purveyor of digital recollections, remains largely unmentioned in this drama. A curious omission, one might think. Yet, it is precisely this silence that speaks volumes. Samsung and SK Hynix, those established titans, receive the customary deference. But Micron, with a mere 30% share of Apple’s business, is positioned as the plucky underdog, the potential savior in a time of crisis.

Reports surface – whispered in the corridors of power, no doubt – of Apple’s emissaries descending upon Korean manufacturing facilities, seeking to secure long-term contracts. A desperate measure, indeed! One envisions a scene of frantic negotiations, of promises made and broken, of fortunes won and lost. It is a spectacle worthy of the grandest opera.

But Mr. Cook, with a knowing wink, suggests that Apple possesses ‘levers’ to pull, ‘options’ to explore. A veiled threat, perhaps? Or a subtle invitation to Micron to offer terms most…favorable? One suspects the latter. For in the world of commerce, even the most powerful players are beholden to those who control the essential ingredients.

The Illusion of Scarcity

This ‘shortage,’ one cannot help but observe, is a convenient narrative. It allows Apple to justify higher prices, to control the narrative, and to maintain its position of dominance. And Micron, caught in the crosscurrents of this drama, stands to benefit handsomely. A fortunate circumstance, to be sure, but one should not mistake it for genuine market forces at play.

The stock, despite its recent ascent, remains ‘cheap’ according to the prevailing wisdom. A ‘forward price-to-earnings ratio’ of 13.1! A ‘PEG ratio’ of 0.73! Such numbers are enough to make a rational investor swoon. But I, for one, place my faith not in the pronouncements of Wall Street, but in the immutable laws of supply and demand. And in the enduring power of a well-crafted illusion.

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Let us not be deceived. This is not a story of innovation or progress. It is a tale of manipulation and self-interest, played out on the grand stage of the global economy. And Micron, for all its technological prowess, is merely a player in this elaborate farce.

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2026-02-03 11:03