### Comment:
Spot, not contract. Spot represents 5% of their revenue. Contract prices have been above spot for a couple months. There’s the argument that there’s only a limited supply in spot, but I do think that ultimately it will follow spot along the way. It’s safe to assume micron will report record profits this quarter. That earnings call will be entirely about the outlook.

### REPLY:
I agree with what you said, but this quarters earnings don't mean anything if contract prices start to decline too. They will eventually move together.

### END.