One thing that puzzles me… even oil companies, selling a basic commodity are trading at higher forward multiples than memory companies: Shell $SHEL: 9.31x FY2027 earnings BP $BP: 9.38x FY2027 earnings ExxonMobil $XOM: 15.38x FY2027 earnings Chevron $CVX: 15.89x FY2027 earnings Now memory: SK hynix $SKHY / $000660.KS: 3.84x FY2027 earnings Samsung $005930.KS: 3.67x FY2027 earnings Micron $MU: 6.29x FY2027 earnings SanDisk $SNDK: 7.63x FY2027 earnings You cannot convince me that companies in a competitive market selling a non-renewable commodity should be trading at higher multiples than memory companies that are pretty much at the centre of the AI revolution, and are operating in an oligopoly with extremely high barriers of entry.