SK Hynix (SKHY) surged and Seagate (STX) moved slightly higher after both posted strong earnings that demonstrate robust demand for memory chips. Brendan Burke points to an expanding backlog as a sticking point for customers to seek upgrades in long-term memory needs. Current shortages back his bull thesis that memory companies will continue to see significant earnings growth even as spending tightens. Nitin Sacheti believes the key question continues to be how long the AI memory demand cycle lasts. SK Hynix's multiple and buyback lead him to be bullish on the South Korean tech giant.