KB Securities: the spread of Al agents should structurally increase memory usage across Al data centers-from CPUs and GPUs to HBM, DDR5, and eSSD-as they require far more frequent and sustained inference workloads than conventional generative Al. $AMD $INTC $NVDA $MU $SNDK

KB HOME $KBH Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.3B; -20% YoY 🔹 EPS: $1.05 (Est. $0.88) 🟢; -35% YoY 🔹 Housing Gross Profit Margin: 16.5%; -170 bps YoY 🔹 Homes Delivered: 2,732; -19% YoY Affirms FY26 Guide: 🔹 Deliveries: 10,500-11,000 homes 🔹 Housing Revenues: $4.90B-$5.10B 🔹 Housing Gross Profit Margin: 16.0%-16.2% 🔹 SG&A as % of Revenues: 11.5% to 11.7% 🔹 Effective Tax Rate: ~23% Q4 Guide: 🔹 Deliveries: 3,000-3,500 homes 🔹 Housing Revenues: $1.45B-$1.65B 🔹 Housing Gross Profit Margin: 16.0%-16.6% 🔹 SG&A as % of Revenues: 10.3% to 10.9% 🔹 Effective Tax Rate: ~26% 🔹 Ending Community Count: 270-275 Segment Net Revenue: 🔹 Homebuilding: $1.3B 🔹 Financial Services: $4.8M Other Q3 Metrics: 🔹 Adjusted Housing Gross Profit Margin: 16.8%; -210 bps YoY 🔹 Homebuilding Operating Income Margin: 5.2%; -290 bps YoY 🔹 Net Orders: 2,604; -12% YoY 🔹 Backlog Value: $2.1B; +3% YoY Key Updates: 🔸 Housing gross profit margin guidance for Q4 and the full year assumes no inventory-related charges Comments: 🔸 “conditions weakening since our June earnings report. Higher mortgage interest rates have further pressured affordability” 🔸 “we continue to expect our full-year deliveries, housing revenues and margins to be within the ranges we last provided.”

KB Securities outlook on $DRAM $SKHY $MU “Samsung Electronics and SK Hynix are expected to escape from an extreme undervaluation phase.” Hyperscalers’ AI infrastructure investment next year is projected at $1.3 trillion, up 60% from this year. Memory’s share of AI infrastructure investment is expected to rise from 14% in 2025 → 40% in 2026 → 57% in 2027. TrendForce sees it even higher at 68%. “The current extreme undervaluation could lead to a powerful re-rating.” Over the next three years both companies’ earnings could hit all-time highs, and large-scale shareholder-return policies are expected to continue.

148 KB. That’s the entire download for this FPS. No textures. No models. No sound files. No launcher. No install. Everything is generated at runtime from ~4,500 lines of JavaScript. Wave survival, headshots, hitscan, tracers, sprint fatigue. Runs in a browser tab. All locally built on one DGX Spark with Qwen3.8 Flash Next/EXL3