AI equipment chain moves from "CapEx correlation" to "WFE continuous upgrade validation"; but when equipment stocks are high, do not logically chase in, must wait for volume and price confirmation or pullback, focus on tracking whether WFE forecast upgrades translate into orders, backlog, gross margin, and FCF.

Model company revenue growth must be observed in conjunction with cash consumption, post-inference gross margin, enterprise renewals, API usage, and Hyperscaler CapEx; if revenue growth relies on sustained high spending, trigger CapEx ROI risk warning.
When Chinese DRAM suppliers enter the international customer evaluation list, it is necessary to distinguish between inquiry, sample delivery, certification, and mass production procurement; the impact of DRAM on equipment is limited, Hyperscaler server DDR5 certification has a moderate impact, only HBM certification for AI accelerators will shake the HBM mainline.