Don't be fooled by the prosperity of the storage industry—the current storage market is actually fragmented.

ChangXin is now frantically expanding production. An 8% global market share is a milestone, but it's still far from having real influence.

The most painful part is the time lag:
Your expansion won't bear fruit until 2028, and by then, domestic demand for HBM from AI chips may have increased by several orders of magnitude.

Right now, ChangXin's HBM2 is essentially negligible. This pattern of waking up early but showing up late makes it hard to realize the premium for domestic substitution in the short term.

SK Hynix's strategy adjustment also carries a bit of a "player" vibe.

On one hand, they take large manufacturers' HBM prepayments as deposits, while on the other hand, they quietly shift production capacity to the more profitable general-purpose DRAM.

Because, on the data side, DRAM's gross margin has already overtaken HBM.

For these giants, HBM is about reputation, but DRAM is the real money.

As for those complaining that storage is too expensive and the industry can't bear it, they're basically just venting.

The current semiconductor production system is just like this—unless you ditch electromagnetism for light or overthrow Von Neumann, storage will always be the bottleneck.

As for the Monday bearish takes on SK Hynix and Micron, just ignore them.

The logic jumps from the Federal Reserve to Apple's price hikes, looping around the globe three times.

In fact, just keep an eye on Bitcoin. The sentiment in the storage track is now completely hijacked by BTC.

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