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Found a very interesting piece of data.
Since the beginning of 2025, SK Hynix's forward PE has been averaging around 6x.
That is, over the past two years, no matter how SK Hynix's stock price has moved, the market has been pricing SK Hynix as a cyclical stock.
All the stock price gains have come from EPS growth.
In other words, in the future, memory chips don't need to be priced as a growth stock either. Even if a constant 6x cyclical-stock valuation is applied, memory can still see share price growth driven by EPS increases.