Setting aside the fact-like “crypto-style” dilution logic of SK hynix, is the Crcl moment in today’s US stock storage sector about to arrive? The cycle peak/turning-point threshold for the storage sector has likely already come—or is about to come—but it won’t be a traditional “crash.” Instead, it’s likely the mid-to-late stage of a super upcycle. Maybe when we look back in 2029, it will be: the 2026 storage-hype era and the 2027 physical AI-hype era.