Memory stocks like MU and NBMs are viewed as having favorable asymmetric risk, offering significant downside protection with upside participation if market tightness holds. However, the market is currently applying old trough multiples to these assets because it has not yet priced in long-term agreements. Mentions of related tickers and themes include SNDK, DRAM, and EWY, alongside commentary from Morgan Stanley noting that long-term agreements have not yet driven the expected valuation re-rating.