Component lead times are no longer about GPUs. GPU: 35w = “balanced” DRAM 8 → 20 NAND 8 → 16 HDD 16 → 50 ABF 12 → 52 MLCC 12 → 32 The queue has moved to memory, storage, substrates, and caps. $MU $SNDK $WDC $STX $NVDA $AMD