Can you still chase Hynix and Samsung?

As everyone knows, Hynix and Samsung have skyrocketed over the past year, with gains that are outrageous (much more dramatic than the rise in gold and silver). They have even lifted the South Korean stock market, making it one of the best-performing in the world—these two stocks alone contributed half of that. Memory chips are a sector within the AI track that was once underestimated. At first, people didn't think storage was that important, until the arms race reached memory, and Nvidia kept pressing the order button. That's when everyone realized this underlying track had lagged behind in gains, so it started to get chased. It was more about being overlooked before, so it caught up a lot, not because recent gains are huge or the wealth story is legendary, which would mean storage is more important than other AI industry chains. There are only a handful of major players in this track, and two of them happen to be in South Korea: Hynix and Samsung. And as everyone knows, South Koreans are gamblers by nature—they were the first to start nationwide leveraged crypto trading. So South Koreans went crazy, using leverage to trade these two stocks over the past year, claiming "we can lift them up ourselves," with a sense of pride that "our main job is patriotism, making money is just a bonus" — sound familiar? A-share investors can probably recite that line. By the way, the fertility rate that the South Korean government couldn't boost with massive subsidies was actually lifted by these two stocks, which just shows that even paper wealth can give people a greater sense of security about the future. So is memory really that profitable? Yes, the prices are basically set by these few companies, and orders are already lined up until next year—some shipments for the year after are even being locked in early. What do you think? With all this hype, the data still shows their stock prices aren't overvalued, simply because they are so profitable. But the stock market has always been a market that trades on expectations. If the company will make more money in the future, even if it's not profitable now, the stock will surge. If it will make less money in the future—still very profitable, just not as profitable as now—then it will pull back. Everyone can see memory is profitable—do these companies not know that themselves? So they are frantically expanding capacity, because if you don't expand, others will, and your market share will be taken away. But expanding capacity means supply won't be tight. Yes, expansion and implementation take time, but don't forget the stock market trades on expectations, not the present. So as an investor, you must anticipate whether supply expansion or demand growth will win out over the next 2-3 years. Obviously, as long as AI continues to grow (a very likely scenario), the business volumes of these companies will continue to rise, and so will revenue. But what if the huge profits attract other big players to enter? Even if they don't shake the leading position or take years to materialize, just the expectation alone could cause the stock price to peak and fall in the short term. Memory isn't like chips, and it's fundamentally different from Nvidia's CUDA platform moat. Based on this, I'm optimistic that these two stocks will continue to rise. But the nature of South Korean retail investors means they might first experience a huge rally, then accelerate to a peak, and then briefly crash amid euphoria and complaints. This could start soon after they list on U.S. stock exchanges—first a party, then a deep correction. So if you really believe in them, you might consider entering slowly at that point, treating them as infrastructure for the future world (although they may not be the ones with the highest long-term gains in my view, they do have relatively long-term deterministic business support). Let's wait and see. From a global perspective, opportunities for asset appreciation are always abundant—it's not just A-shares or real estate, or just keeping money in the bank. If you think there are no investment opportunities just because you're physically in China, that's just self-limitation and laziness. #Gate完成141只股票股息派发