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Today's SNDK finally let out the breath that was holding back. A few days ago, I was really confused when I looked at SanDisk's financial report. - Quarterly revenue of $8.97 billion, a 51% increase compared to the previous quarter. The gross profit margin reached 84.6%, and the data center business doubled directly, but the stock price still suffered after the financial report was released. My feeling at the time was: What else does the market want? Later, I realized that what everyone was worried about was not whether SanDisk would make money this season, but whether the money earned now could be retained. After all, the storage industry used to be too cyclical. When prices rose, everyone was a stock god. When the production capacity increased, the profit would disappear. So what's really useful today's Investor Day is not how many times the management has said "AI," but it's starting to answer a more practical question: How can SanDisk stop being a cyclical stock? Currently, the company has signed new long-term agreements with eight customers, covering approximately 50% of shipments in the 2027 fiscal year and approximately two-thirds of shipments in the 2028 fiscal year. Simply put, it means locking in a portion of demand and prices in advance, and trying to avoid the days of "eating meat this year, drinking wind next year". More directly, the management's target for the fiscal years 2028 to 2030 includes a non-GAAP gross margin of approximately 80%, an adjusted free cash flow rate of approximately 50%, and plans to return all remaining cash to shareholders after completing the necessary investments. Seeing this, I probably understand why the market is willing to pay today. In the past, when people looked at SNDK, they thought of the price increase of NAND. Now the company wants to convince everyone that it is not just selling storage particles, but the "data warehouse" that AI data centers are increasingly lacking. Of course, I don't dare to directly call out the stars and the sea now. The long-term goal is ultimately the goal. $SNDK $