Memory cycles turn on deceleration, never on falling prices.
At the top of a shortage, the turn is printed by flat spot trading, LTA ceiling prices, buyers engineering the scarce material out of their designs, and equities trading the rate of change — while price levels are still setting records.
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The pricing machinery itself — binding LTA ceilings and flat spot trading — is already printing the deceleration signature of a top while contract levels set records.
Nvidia engineering a roughly 33% memory cut into its flagship is demand-side elasticity rationing the shortage before any price decline prints.
The tape is discounting the turn from the rate of change — record price levels and consecutive beats no longer move memory equities.