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Micron dropped nearly 10% in one day, will AI coins follow tonight? — The ghost of the storage cycle peak is hovering Brothers, how did you sleep last night? As for me, I got schooled by the market again. Micron Technology fell nearly 10% in one day. This is not an ordinary drop. Who is Micron? One of the "AI infrastructure big three," alongside Nvidia and AMD. The heavyweight in the storage chip world, the absolute main force of HBM. It dropped 10%. SanDisk was even worse, plunging 14% in one day. SK Hynix and Samsung Electronics both fell over 13%, with a combined market cap evaporating nearly $43 billion. The entire storage sector bled overnight. But what’s the most surreal? Micron just delivered the most explosive earnings report in history: revenue of $41.46 billion, a year-over-year surge of 346%, gross margin soaring to 84.6%, and free cash flow of $17.6 billion. Management even boldly declared: "Demand far exceeds supply capacity, and this boom will continue until 2028." Earnings so good it’s explosive, yet the stock price crashes into depression. This is the most absurd scene of 2026. What happened? The bulls say: it’s a miskill. The demand logic for HBM from AI hasn’t changed; the sharp drop is just an overreaction of sentiment, and the current position is closer to the bottom. The bears sneer: the storage boom may be peaking. The clearing of previously high-leverage funds is far from over; buying now is more like bottom-fishing halfway up the mountain. Who’s right? I don’t know. But there are several signals you must watch: First, the "big short" Michael Burry publicly shorts chips. This guy made his name shorting subprime mortgages; do you think he’s a fool to show his short position now? Second, breakthroughs in Chinese chip technology. ChangXin Memory just went public, and breakthroughs in DUV lithography equipment have been reported. The market is starting to worry — rapid increase in domestic Chinese chip supply could change the global storage landscape. Third, the AI "circular financing" model is under scrutiny. Nvidia plans a $250 billion guarantee agreement for OpenAI to help it rent data centers. The problem is — this money ultimately flows back to Nvidia to buy chips. Left hand to right hand, who is ultimately bearing the risk? Now, back to what we care about most — Will AI crypto tokens fall as well? FET, AGIX, LPT, WLD... these AI narrative tokens have surged alongside AI hardware stocks over the past few months. Their valuation logic is essentially tied to Micron and Nvidia — the hotter AI infrastructure gets, the greater the demand for computing power/storage, and the sexier these projects’ stories become. But stories are just stories. When GPU prices crashed in 2022, how many so-called "decentralized computing power" projects went to zero overnight? After Ethereum switched to POS, mining rigs became scrap metal, and the computing power moat instantly became a joke. History won’t simply repeat, but it always rhymes. If the storage cycle really peaks, if Micron is not at the bottom but halfway up the mountain — how much longer can those altcoins propped up by the "AI narrative" hold? My plan of action, no secrets: Observation list, two directions: First, watch Micron. If Micron continues to fall and breaks key support, unconditionally reduce all altcoin positions in the AI sector. If the hardware can’t hold, why should the software story? Second, if Micron stabilizes and rebounds in the next few trading days, I will treat this plunge as a "fake fall" — a miskill caused by emotional stampede, not a fundamental reversal. That would be a bargain opportunity. Don’t bet on direction, only follow signals. The storage industry’s three-year cycle has never been broken in decades. After a surge comes a plunge, that’s ironclad. Can AI really rewrite history this time? I don’t know. But I know one thing — When the "big short" starts buying fear, you better not rush to bottom-fish. $MU $XMU $SKHY #美光暴跌后：是底部还是半山腰？