The memory supercycle is probably just these two years. Samsung, SK Hynix, and Micron are all building factories, and in 3 years, production capacity will ramp up. Changxin Memory in Hefei just got another 7,100 mu of land approved by the government. By the end of 2027, basically, China's production will be enough to supply the whole world. Memory and HBM will no longer be scarce → intense competition → price drops → no more bull market! Bull market deadline is June next year, and the big players will have to exit six months early, so let’s see how things look by the end of this year