[Micron Technology CEO: HBM Demand Growth Will Continue to Outpace Traditional DRAM Until 2028] According to a report by Jinse Finance, on October 1, Micron Technology Chairman and CEO Sanjay Mehrotra stated during an earnings call that the structural gap between supply and demand growth rates has led to ongoing supply constraints. Even considering the industry's plans for additional DRAM cleanroom space, under the strong demand trends (including incremental requests continuously raised by customers), we do not see a turning point for when supply and demand will return to balance. The industry's HBM demand growth rate will continue to outpace traditional DRAM until 2028. Sanjay Mehrotra revealed that most of Micron's HBM supply for 2027 has already been secured through agreements, saying, 'Prices have risen significantly year-over-year, narrowing the gross margin gap between HBM and traditional DRAM.'