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#长鑫科技上市，全球存储竞争添变量 The memory chip game is getting way more interesting. For years, the global memory market has basically been ruled by Samsung, SK hynix, and Micron. Now that CXMT has officially entered the capital market, it feels like the competition is entering a new chapter instead of staying a three-player story. Memory has always been a brutal cycle. We all watched DRAM and NAND prices swing like crazy over the past two years. Companies went from expanding capacity at full speed to cutting production just to clear inventory. Now AI is changing the script. Back then, demand mostly came from phones and PCs. Today, AI servers and high-performance computing are becoming the real growth engine. And honestly, HBM has become one of the biggest bottlenecks in the entire AI supply chain. People always talk about NVIDIA’s GPUs, but those chips don’t shine without insanely fast memory sitting beside them. That’s why I think the next battle isn’t just about who can produce the most chips. It’s about who can deliver advanced process technology, high-end memory, and secure a place inside the AI ecosystem. That said… no cap, being listed is only the beginning. Samsung, Micron, and SK hynix have spent decades building technology, scale, and manufacturing advantages. Those aren’t things you catch up to overnight. As an investor, I’m paying less attention to who tells the loudest AI story and more attention to who keeps investing through the ugly parts of the cycle. Every tech boom creates hype. The companies that survive are usually the ones still funding R&D when everyone else is cutting back. Feels like the real memory war is only getting started. $SKHYNIX