[Institution: HBM explosive growth, storage price range expected to continue to rise] According to a report by Golden Finance on June 16th, Pacific released a research report on the electronics industry, stating that global tech giants are accelerating their AI capital expenditures and entering a new era of nearly trillions of dollars in investment by 2026. The total capital expenditure of the six major technology giants will exceed 350 billion US dollars in 2025, and is expected to exceed 800 billion US dollars in 2026. In the future, with the continuous penetration of large models and related applications, capital expenditure will continue to increase. HBM is experiencing explosive growth, and the storage price range is expected to continue to rise. The HBM market is expected to continue to maintain high double-digit growth in 2026. Currently, all three major manufacturers have sold out their production capacity, while DRAM/NAND prices have significantly increased. According to Gartner statistics, DRAM prices will rise by 125% and NAND prices will rise by 234% in 2026, and the supply shortage situation is expected to continue for a long time. From the perspective of HBM pattern, SK Hynix leads with a HBM share of around 60%, storage has shifted from cyclical commodities to strategic resources, and AI semiconductors account for 30% of total revenue.