Jukan got unfairly attacked over this Even though he is clearly saying that optics will outperform memory in the "short term" This also happened in the February to March period of this year Memory requires a sentiment change Buyside expectations were too high ASP increases were overestimated, and nobody expected that Hynix would sell HBM to Nvidia at a steep discount Now, what can cause a change in sentiment and multiple expansion?? Higher than expected ASP hikes for Q3 2026(low chance as the consumer electronics players are resisting it) and durability of LTAs Investors still believe that customers will break their LTAs just like previous cycles due to CAPEX spending going down/peaking soon U may believe that this is false, but everyone isn't as AGI pilled as u, anon The boomer fund managers certainly aren't