The global semiconductor memory industry is currently showing a pattern of high-level volatility alongside structural divergence. On the macro level, the strong demand for high-bandwidth memory (HBM) and enterprise-grade flash driven by AI infrastructure buildout is keeping industry revenue and technology pricing (Memflation) on a cyclical upward trajectory. However, as some leading stocks have already accumulated large gains in advance, the recent market sees significantly intensified bullish-bearish contention. On the one hand, cloud providers’ long-term locked capacity and ongoing upgrades in consumer electronics continue to support the fundamentals; on the other hand, the market is divided over whether supply-chain expansion will be too fast in the second half of the year and the pace of recovery in non-AI traditional sectors, causing the sector overall to exhibit high-frequency, wide-range consolidation characteristics in technical terms.