An important thought Hynix's HBM capacity has already been locked in advance. MU has a large number of LTAs. Samsung is converting AI memory users into 3-5 year long-term contracts, following the example of MU and Hynix. So, what is Samsung's growth driver? ——————— Successful HBM catch-up + AI server DRAM/NAND/eSSD long-term agreements + demand validation from OpenAI/Stargate-level players. HBM4E validation. This forms the logic for Samsung's valuation restructuring.