8. Investment Insights 1. Memory cycles are the main logic: Samsung/SK NAND 70%+ profit margin forecast—AI-driven memory boom far exceeds HBM, extending to traditional DRAM and NAND. 2. SK Hynix 321L QLC ramp-up: This is a key catalyst. QLC has lower costs but higher capacity, perfectly matching inference scenarios. 3. Big Tech CapEx $650 billion: This is not a short-term move; investment levels will remain high over the next 2-3 years. 4. Taiwanese manufacturers NT$200 billion financing: The supply chain is also stepping up, with Foxconn and Quanta actively planning their layouts. 5. Risk point: When everyone opens a bakery, can bread still sell at such high prices? Supply and demand may reverse after 2027.