I have a question. Recently, I have seen that NVIDIA at 190 is undervalued, with a P/E ratio of 20. At an annual growth rate of almost 100%, it would have a P/E ratio of 10 next year. But for NVIDIA to achieve 100% growth, it would need double the amount of HBM, which in turn requires double the amount of consumer-grade DRAM to produce HBM. However, there is still no new production capacity for storage next year. How will this situation ultimately play out?

I speculate that a possible path is that at some point next year, Samsung and SK Hynix will import DRAM from CXMT (ChangXin Memory Technologies) and then package it into HBM4E at their own factories. Because NVIDIA cannot directly use HBM made by CXMT, as both technology and national conditions do not allow it.