Memory prices up 25% Q2 to Q3 per Morgan Stanley, yet nobody's talking about the neocloud names running alongside MU

Been watching this rotation play out all week and it's honestly a lot to track at once.

Three things competing for the same liquidity right now: AI infrastructure buildout, memory semis, energy/geopolitics. Usually one of these dominates the tape. Right now they're all moving.

On the neocloud side, IREN dropped $2.8B in new multi-year AI cloud contracts, with year-end targets north of $4B annualized. HUT signed a 15-year, $9.8B lease in Texas, total campus value hitting $19.6B and up to $50.2B if renewals kick in. These numbers are getting hard to ignore, pulled the data off moomoo community this morning.

Meanwhile Morgan Stanley flagged memory prices rising at least 25% from Q2 to Q3. $MU and $SNDK in focus there. And then you've got Intel and AMD both potentially catching tailwinds from the same supply story.

My take: the neocloud trade is eating the NVDA halo trade. Capital that was sitting in $NVDA proxies is now chasing $IREN and $NBIS for higher beta exposure to the same AI infra thesis.

The bear case here is these contract values are mostly forward-looking with no guaranteed revenue recognition timeline. So the question I keep coming back to is, are these neocloud commitments real inflection points or just numbers designed to goose the stock?

I'm holding some exposure but trimmed into the IREN pop. Anyone still adding at these levels or waiting for a pullback?