INTC AMAT LRCX ASML The tracked device stocks have all reached new highs, the logic continues, and the position continues The core contradiction of the global AI hardware industry chain is shifting from insufficient computing power to storage expansion. South Korea's push for large-scale capital expenditures (Capex) by Samsung and SK Hynix in the coming years means that the industry is entering a supply response phase The demand for storage is not unlimited, so the real issue worth discussing is not: who is expanding production among Hynix, Samsung, or Micron? 1) Industry chain logic: AI demand ↑ → HBM demand ↑ → Storage CapEx ↑ → Equipment orders ↑ → Materials ↑ → Packaging ↑ → Storage profitability 2) Capital flow: South Korea expands production and construction → purchases equipment → purchases materials → purchases advanced packaging → finally begins production of HBM Therefore, equipment orders are the first to be confirmed, and revenue is also recognized the fastest. Equipment companies benefit first, followed by material companies and advanced packaging companies. And storage companies have to wait for production capacity to be built before they can truly start making profits