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🧵 Apple / CXMT: The New Monday Memory Test Around 7:17 a.m. CT, memory stocks were already showing weakness pre-market: $BTC MU ~$864, -1.5% $ETH SNDK ~$1,194, -1.5% $SOL WDC ~$429, -1.3% Meanwhile, broader tech was relatively stable: $QQQ ~$723, +0.01% $SOXX ~$545, +0.3% Reuters, following the Wall Street Journal, reported that Apple has tested memory chips from China’s CXMT for potential use in iPhones and MacBooks. The New York Times also reported that the global AI-memory shortage has increasingly become a policy issue in Washington, with some U.S. officials reportedly resistant to Apple sourcing memory from Chinese suppliers. Our read: the market is initially pricing this as a supplier-diversification risk rather than an immediate fundamental threat to the memory complex. For $MU, the near-term reset still looks relatively contained—unless Apple receives broader approval to use CXMT memory, or CXMT can scale qualified supply enough to materially change FY27 pricing dynamics. That second scenario is the one that matters. If memory stocks continue to underperform after the open, the market may be testing whether this is simply a headline-driven reaction—or the beginning of a genuine shift in future supply and pricing expectations. For now, watch the tape, not just the headline. Source: Reuters / WSJ / New York Times #CPIToResetFedBets #AIMemorySelloffEases #BTCETHETFInflowsReturn #AIInfraEarningsWatch #CPIToResetFedBets #AIInfraFundingDiverges