Downstream storage, NVIDIA, Microsoft, Google, Meta, and Apple account for a significant proportion.

NVIDIA, in turn, further drives toward Microsoft, Meta, Amazon, and Google.

These guys have been declining for several weeks in a row now.

The explosive earnings and supply-demand mismatch in storage have severely squeezed downstream costs.

Apple's price hike announcement today is an even worse signal, as cost pressures are further passed on to the consumer end. Cost-driven price increases will inevitably weaken demand and overall welfare, putting further pressure on downstream enterprises.

Under the dual constraints of cost and end-user demand, it is only a matter of time before downstream enterprises hit a critical threshold.

So, Gul'dan, what is the price?