The key question isn't whether memory demand is collapsing, but whether this selloff reflects fundamentals or simply a valuation reset triggered by tighter liquidity and leverage unwinding. HBM demand from AI accelerators remains exceptionally strong, and supply is still constrained. On that front, SK Hynix arguably has the stronger near-term positioning given its lead in HBM and close relationship with NVIDIA. However, that advantage is also why Hynix traded at a much richer valuation and became more vulnerable to profit taking. Samsung is the more diversified bet. If it successfully closes the HBM technology gap and wins larger AI memory share, today's correction could look like an attractive entry point for long-term investors. My view: this feels more like a policy-driven shakeout than

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