Chipmaker shares fell over the period. Micron dropped 13%, roughly $138 billion in market value, with Intel down 9% and AMD down 7%.
The fall contrasts with the rest of the month's news. While memory grew scarce and expensive and capacity contracts were signed at gigawatt scale, the market began doubting the share prices of those manufacturing.
The doubt isn't about whether demand exists, but about how long it holds at current levels and how much of the price already embeds future growth.
Part of stated demand depends on financing, including a manufacturer weighing a guarantee on its own customer's borrowing. Demand financed by the seller tends to be discounted by the market.
At the point of purchase, stock swings change little: price is still set by physical scarcity, which investor sentiment doesn't resolve.