You're looking for comfort in the wrong place.

From microns S10: BITS shipped and net revenue.

Q1 '20 - $0.10 profit per gb shipped (ram and storage)

Q1 '23 - -$0.024 (cyclic ram market)

Q1 '25 - $0.131 this looks normal were on the upswing.

Q4 '26 - $1.136 Were all fucked.

If you look at a chart of S3 prices we have all been living in the "Happy Time" where the cost to run our ever growing software business has gone down. Githb says 2025 billion commits - 14 billion this year, and 2x the actions run. That means AI driven software growth is 2x to 14x.

But those ram/storage prices are going to hit the operational budget of EVERYONE soon.

Can your average sas survive a 4x price increase on its AWS/Azure bill? How about 10x (cause thats what the margins say the premium is on ram).

If the circular financing is a concern, the circular firing squad should be a bigger one. Your paying for tokens to build more software to pay more to run your software is not a sustainable cycle. People are starting to use the words CapEx again - and it's a good thing.