Is the current AI-driven memory cycle different this time, or are stocks like SNDK still likely to follow the usual boom-bust pattern?

Hi everyone, I’ve been following the recent rally in SanDisk (SNDK) and other memory-related AI plays, and I’m trying to understand whether this cycle is genuinely different from past memory cycles or if it’s still likely to follow the traditional boom-bust pattern that memory stocks are known for. The bull case seems strong: AI/data center demand is exploding hyperscaler spending remains very high memory/storage demand for AI workloads appears structural earnings and margins have been improving rapidly At the same time, memory has historically been one of the most cyclical parts of semiconductors shortages → pricing spikes → huge earnings growth then eventually oversupply → margin compression → sharp corrections What I’m trying to figure out is: Is AI fundamentally changing the long-term outlook for memory companies like SNDK? Or is this still ultimately another memory supercycle that could reverse once supply catches up? For those who’ve followed past memory cycles, does the current setup feel materially different? If someone is considering entering after the recent run-up, how would you think about the risk/reward here? Im trying to understand how investors are thinking about the durability of this AI-driven memory demand cycle. Would appreciate any perspectives from people who follow the semiconductor/memory space closely.