[Citrini Analyst: The AI Era May Alter Storage Cycle Logic, Chip Stock Decline Doesn't Necessarily Signal Industry Collapse] DeepTech TechFlow reports that on July 18, Citrini analyst Jukan published an analysis pointing out that the recent decline in memory chip stocks is not only influenced by leveraged funds closing positions but also possibly due to the market preemptively pricing in the pressure from future supply expansion. Even if the global memory shortage persists until 2027, most research institutions and industry observers still anticipate that supply-demand tensions will begin to ease in 2028. As memory manufacturers like Samsung Electronics and SK Hynix announce large-scale wafer fab expansion plans, the market may already be reflecting the impact of additional capacity coming online after 2028. A common rule in the traditional memory industry is that memory stock prices typically reflect peak memory prices about two quarters in advance. However, in the new AI-driven cycle, the market might price in future supply-demand changes even earlier—perhaps three or even four quarters in advance. The AI era could bring new changes, as the traditional storage cycle logic of 'price drops leading to revenue declines' may not fully apply to the AI infrastructure market. Jukan stated that the key difference lies in the AI era's potential for 'demand growth driven by price reductions,' which could mitigate the downward impact of memory price cycles. If this logic holds, the future profit volatility of memory companies may be lower than in past cycles, potentially supporting higher valuation levels.