The core bottleneck of AI computing power has never been GPUs, but HBM high-bandwidth memory, and SK Hynix is precisely the world's absolute leader. As Hynix is about to disclose its financial report, a fundamental change is occurring in the market: valuation logic is shifting from cyclical stocks based on PB (price-to-book ratio) to growth stocks based on PE (price-to-earnings ratio). Summarizing the complete logic: HBM urgent demand explosion → long-term orders lock in stable profits → cycle weakening, growth attributes strengthening → PB valuation shifting to PE valuation → valuation center continues to rise.