How should DRAM and DISK be positioned and differentiated? From a personal perspective: DRAM is a more 'pure' bet on the storage/memory industry itself. DISK, on the other hand, feels more like an 'enhanced AI storage industry chain,' especially leaning towards NAND, SSD, HDD, and the Asian storage supply chain. 1) If you want to invest in 'DRAM/HBM memory shortages,' DRAM is more suitable. The main logic is: HBM supply shortage → DRAM capacity gets squeezed by HBM → DDR5/server DRAM prices rise → Profit elasticity of the three major memory manufacturers is released. So DRAM is clearly more pure. About three-quarters of its economic exposure is tied to Samsung, SK Hynix, and Micron, making it almost an ETF-like representation of the 'global memory oligopoly supercycle.' 2) If you want to invest in the expansion of the storage industry chain, DISK is a better fit. The main logic is: AI generates more and more data → Demand rises for training sets, embeddings, inference outputs, cold/warm data storage → NAND, SSD, HDD, and enterprise storage benefit. DISK's holdings directly express this. DISK's top two holdings are Kioxia and SanDisk, accounting for 33.91%. Adding Western Digital and Seagate, the top ten holdings related to NAND/SSD/HDD/storage devices make up about 43.12%. Today, Samsung released its earnings preview, and its stock price plummeted, dragging the entire storage sector down with it. Sentiment is very low right now. This is precisely the time to look at which opportunities are worth positioning after the adjustment.