Today, the news about META planning to sell excess computing power was immediately interpreted by the market as overcapacity and a cut in capex. But the actual data available points in the opposite direction: - Meta just significantly raised its 2026 capital expenditure guidance. - Back in March, Google, due to its own computing power shortage, restricted the Gemini computing power quota allocated to Meta, which impacted some of Meta's internal projects. - Meta is also signing multi-billion-dollar deals with CoreWeave and Nebius to actively purchase external computing power. All of this indicates that Meta is still in a state of computing power shortage, not overcapacity. The data that truly reflects real AI demand is actually more in NVIDIA's hands. NVIDIA's orders and delivery status are currently the most direct signals of demand. If there were really severe overcapacity, NVIDIA's stock price would have already dropped. If Meta can sell its excess computing power and position itself as a computing power infrastructure provider—similar to how SpaceX sells computing power—I don’t understand why this is being interpreted as bearish for SK Hynix. It’s completely unrelated.