diff --git a/internal/parser/vendors/hpe_ilo_ahs/parser.go b/internal/parser/vendors/hpe_ilo_ahs/parser.go
index b40e3c2..624bd75 100644
--- a/internal/parser/vendors/hpe_ilo_ahs/parser.go
+++ b/internal/parser/vendors/hpe_ilo_ahs/parser.go
@@ -1045,11 +1045,30 @@ func dedupeCPUs(items []models.CPU) []models.CPU {
 	return out
 }
 
+// dedupeMemory collapses the DIMM inventory to one entry per physical slot.
+//
+// The AHS blackbox carries a separate inventory snapshot for every POST cycle,
+// and parseDIMMs walks all of them. When a module is swapped between captures the
+// same slot shows up with different serials; keying the dedupe on serial alone
+// (as an earlier version did) let every historical occupant survive, inflating
+// the module count. Tokens are appended in blackbox-record order, which is
+// chronological, so the last occurrence for a slot is the most recent snapshot
+// and wins. Entries without a slot label fall back to serial-based dedupe.
 func dedupeMemory(items []models.MemoryDIMM) []models.MemoryDIMM {
+	slotIndex := make(map[string]int)
 	seen := make(map[string]bool)
 	out := make([]models.MemoryDIMM, 0, len(items))
 	for _, item := range items {
-		key := valueOr(item.SerialNumber, item.Slot+"|"+item.PartNumber)
+		if item.Slot != "" {
+			if idx, ok := slotIndex[item.Slot]; ok {
+				out[idx] = item
+				continue
+			}
+			slotIndex[item.Slot] = len(out)
+			out = append(out, item)
+			continue
+		}
+		key := valueOr(item.SerialNumber, item.PartNumber)
 		if seen[key] {
 			continue
 		}
diff --git a/internal/parser/vendors/hpe_ilo_ahs/parser_test.go b/internal/parser/vendors/hpe_ilo_ahs/parser_test.go
index 3145c20..81ad8a3 100644
--- a/internal/parser/vendors/hpe_ilo_ahs/parser_test.go
+++ b/internal/parser/vendors/hpe_ilo_ahs/parser_test.go
@@ -8,6 +8,7 @@ import (
 	"path/filepath"
 	"testing"
 
+	"git.mchus.pro/mchus/logpile/internal/models"
 	"git.mchus.pro/mchus/logpile/internal/parser"
 )
 
@@ -153,6 +154,34 @@ func TestParseAHSInventory(t *testing.T) {
 	}
 }
 
+func TestDedupeMemorySlotSwap(t *testing.T) {
+	// The AHS blackbox keeps one inventory snapshot per POST cycle. When a module
+	// is swapped between captures the same slot appears with different serials, in
+	// chronological (token stream) order. dedupeMemory must keep one entry per
+	// slot, with the most recent snapshot winning.
+	items := []models.MemoryDIMM{
+		{Slot: "PROC 1 DIMM 1", PartNumber: "HMCG94AHBRA480N", SerialNumber: "AAA1"},
+		{Slot: "PROC 1 DIMM 7", PartNumber: "HMCG94AHBRA487N", SerialNumber: "OLD7"},
+		{Slot: "PROC 1 DIMM 1", PartNumber: "HMCG94AHBRA480N", SerialNumber: "AAA1"}, // repeated snapshot
+		{Slot: "PROC 1 DIMM 7", PartNumber: "HMCG94AHBRA480N", SerialNumber: "NEW7"}, // module swapped
+	}
+
+	out := dedupeMemory(items)
+	if len(out) != 2 {
+		t.Fatalf("expected 2 DIMMs (one per slot), got %d: %+v", len(out), out)
+	}
+	bySlot := map[string]models.MemoryDIMM{}
+	for _, d := range out {
+		bySlot[d.Slot] = d
+	}
+	if got := bySlot["PROC 1 DIMM 7"].SerialNumber; got != "NEW7" {
+		t.Fatalf("expected newest occupant NEW7 for slot 7, got %q", got)
+	}
+	if got := bySlot["PROC 1 DIMM 1"].SerialNumber; got != "AAA1" {
+		t.Fatalf("unexpected serial for slot 1: %q", got)
+	}
+}
+
 func TestParseAHSTruncatedEntry(t *testing.T) {
 	p := &Parser{}
 	// Build archive where the last entry's declared size exceeds available data.