The only cyclicality in the memory market is retail flipping bearish to bullish every week—supply/demand conditions have only widened throughout 2026. We've now seen a very healthy reset in SK Hynix and Samsung leverage thanks to increased regulations, with higher margin requirements and more stringent portfolio caps impacing investor appetite recently. However, current valuations are extremely compelling due to less cyclical future earnings and more constructive shareholder return initiatives by both SK Hynix and Samsung. All of this combined makes me extremely bullish, as I have been over recent months. Foreign inflows into Korea will be the next driver, which has fallen off in recent months. $SKHY $DRAM