Even the best companies are afraid of overpaying!

Memory stocks are at full expectations, and the most tempting time is also when risks are most easily underestimated.
SK Hynix and Samsung's core isn't just an ordinary semiconductor market, but AI has turned HBM/DRAM into a scarce resource.
SK Hynix is most like the strongest current player: leading in HBM, profit explosion, record revenue and profit in Q1, and the market is already very excited.
Samsung is more like a cheaper counterattack: large scale, more diversified business, success in catching up with HBM provides flexibility, but execution risk is higher.
Micron also benefits from memory price increases, while Nvidia and TSMC are stronger players in the AI main chain.
A good company does not mean a good price. These memory stocks are fundamentally cyclical stocks, with high capital expenditure and sharp price fluctuations.
The best now is the fundamentals, and the most dangerous is overly optimistic expectations.
If you want to buy, it's better to wait for industry sentiment to cool down and for valuations to provide a safety margin; if you've already bought, focus on whether HBM orders, gross margin, and capital expenditure are starting to get out of control.