Directional cables - what does that really mean?

Some (most) cables do sound differently depending on which end is connected to which component. It is asserted that the conductor grain orientation is determining the preferential current flow. That might well be, but in most (all) cases the audio signal is AC (electrons going back and forth in the cable), without a DC component to justify a directional flow. Wouldn't that mean that in the 1st order, a phase change should give the same effect as a cable flip?

I'm curious whether there is a different view on this that I have not considered yet.