I think many people may read the financial report of Hynix incorrectly. On the surface, the data is very explosive. Q2 revenue was KRW 79.3 trillion, a year-on-year increase of approximately 257%. Operating profit reached 60.5 trillion Korean won, a year-on-year increase of approximately 557%. Net profit of 93.9 trillion Korean won, achieving a historic level of performance. On any company, this is a very exaggerated growth. But the problem is that the market is not looking at 'good or bad' right now. But rather: Is it good enough? Can it be better? How long can this profit margin be maintained? This is the key point. The financial report of Hynix this time is somewhat typical: The business data is strong, but the revenue and operating profit are slightly lower than market expectations. The net profit exceeded expectations, and there was also an impact of investment income such as the sale of Kioxia equity. So the market will not just look at a 'net profit surge', but will continue to ask: Can HBM orders continue to be fully booked? Can DRAM prices continue to rise? Will AI cloud vendor Capex slow down? Will China's Changxin, Samsung, and Micron accelerate supply competition? Is the current high profit margin a structural improvement or a cyclical peak? That's also why the storage sector has been fluctuating so much recently. It's not because the storage demand for AI suddenly disappeared. But the market is starting to shift from 'demand driven' to 'cash in'. In the past year, the core of the growth of Hynix, Samsung, Micron, Changxin, including the entire storage chain, has been AI. The AI server requires HBM. Large model inference requires high bandwidth memory. Cloud vendors expanding their data centers require DRAM, SSD, and eSSD. NVIDIA sells GPUs, and behind it, there must be someone supplying high-end memory. So the strongest thing about Hynix is that it stands on the core chain of HBM. It is not an ordinary storage company, but a key component supplier in AI computing power. But precisely because of this, its valuation and stock price have already reflected a lot of good news in advance. When market expectations are low, a good financial report is enough. When market expectations are high, even a 'good' financial report may not be enough. This is the current situation of Hynix. My understanding is: This financial report does not prove the end of the storage period. On the contrary, it proves that the demand for AI storage is still very strong, and the profitability of Hynix is also at a historical high. But it also reminds the market: Storage stocks can no longer continue to rise solely based on the four words' AI is strong '. What really needs to be seen later is the quality of profits, the sustainability of orders, the speed of supply expansion, and whether HBM's next generation products can continue to lead. Especially HBM4, HBM4E, advanced packaging, and long-term cooperation with Nvidia, these are the core factors that determine whether Hynix can continue to be overvalued by the market in the future. If these continue to be fulfilled, then this round of storage mainline is not over yet. But if AI Capex starts to slow down or supply expansion is too fast, profit margins will be repriced. So my conclusion on this financial report is simple: The fundamentals of Hynix are still strong. But the market has moved from 'believing in stories' to' verifying profits'. Short term stock price trading is based on poor expectations. The long-term pricing of stock prices depends on who can continue to receive orders, profits, and technological advantages during the AI storage cycle. The financial report of Hynix is not poor, but the market is too greedy. The storage mainline has not been falsified, but starting today, funds will no longer just pay for the story, but will depend on the true realization.