Lower expectations for short-term returns from Hynix and Micron

Not because the AI logic has changed.
It’s because the expectations have been running faster than the fundamentals.
Over the past year, tight HBM supply and demand and the expansion of AI capital expenditures drove a major re-rating for Hynix and Micron. But recently, the market has started to show new variables: IBM said some enterprises may have released their AI storage demand early, and the expected ramp-up by China’s DRAM manufacturers is also beginning to affect market sentiment, triggering profit-taking by capital.
Long-term, I still remain bullish on HBM.
But in the short term, no matter how good the industry is, it still needs valuation to digest.
The real opportunity often comes from the next pullback, not from chasing the final high.