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Today's AI industry is somewhat like the new energy vehicle industry back then. Storage manufacturers correspond to lithium miners, and cloud providers correspond to car manufacturers. Over the past year, prices for HBM, DRAM, and enterprise SSDs have continuously risen, significantly improving profits for storage manufacturers like SK Hynix, Micron, and Samsung. Meanwhile, AWS, Azure, Google Cloud, and Oracle have been increasing purchases of GPUs, HBM, and servers, pushing infrastructure costs higher. At this stage, the scarcest segment takes the most profit first. But the market has already started looking ahead. In the next two to three years, if HBM, DRAM, and advanced packaging continue to expand production, how long can this round of excess profits last? This is also why storage companies' earnings are still good, but their stock prices have already begun to adjust. However, storage peaking does not necessarily mean cloud providers will be the biggest winners in the next round. Because on the large model side, the price war has actually already begun. OpenAI, Google, Anthropic, as well as Alibaba, DeepSeek, and Moonshadow, are continuously lowering model prices. Tokens are getting cheaper, inference costs keep dropping, and some models are even offered for free. If computing power supply becomes increasingly abundant in the future, cloud providers may continue to cut prices to compete for customers. By then, cost improvements from storage price drops may not fully translate into profits for AWS, Azure, or Google Cloud. Cheaper tokens, lower GPU rental prices, and larger free quotas may pass these benefits on to customers. So this round of storage stock adjustments can be understood through the lens of the new energy vehicle cycle: When upstream resources are scarcest, profits concentrate upstream first; high profits stimulate expansion, and stock prices start worrying about supply release in advance; when raw material prices really fall, how much profit downstream can keep depends on whether the industry has started a price war.