Not enough people are talking about CXMT's move into NAND. China's DRAM champion is setting up an R&D pilot line for NAND in Beijing. Still early stage and a few year away from mass production. But the long-term structural implication for the memory market is significant. Some history for context. Elpida went bankrupt in 2012, and that event consolidated DRAM down to three real players: Samsung, SK Hynix, and Micron. That scarcity was a big part of why DRAM profitability improved so much over the following decade. NAND took a different path to consolidation. Toshiba's flash business spun out as Kioxia, Western Digital merged with SanDisk, and SK Hynix bought Intel's NAND unit to form Solidigm. Same outcome: fewer players, better pricing discipline. Now the events are happening in reverse order. YMTC already is a solid NAND player. CXMT makes the market crowded, it reopens a market structure question the industry thought was settled.