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Profit surged 557%, but the stock price plummeted 10%. SK Hynix just reported the most profitable quarter in the company's history, yet the Korean stock market triggered a circuit breaker. On the same day, Samsung said the shortage of memory chips will continue until 2028 and has already signed five-year long-term contracts, causing its stock price to rise 8%. Two extremes in the same sector. The issue is not demand, but expectations. The market has fully priced in AI storage — record profits still can't support the valuation because everyone is betting on "exceeding expectations again and again." But on the other hand, Samsung's willingness to sign five-year long contracts to lock in capacity indicates that downstream AI data center demand is not just a short-term hype. SK Hynix's drop shattered the expectation that "AI storage will always rise." What remains is the real fundamental worth watching: HBM4 is just beginning to ramp up, downstream cloud providers are still scrambling for capacity, and shortages will last at least until 2028. The short-term dip is actually a good thing in the medium to long term. The above does not constitute investment advice; please make judgments based on your own research.