In the structural cycle of 2026, in which AI computing power is soaring, memory chips have officially jumped from a commodity that "drifts with the crowd" to a core strategic asset that determines the life and death of the AI era. The epicenter of this change is the dispute over the manufacturing process of high-bandwidth memory (HBM).
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On investment analysis, market insight, and asset allocation — not chasing short-term noise, but understanding what truly drives long-term returns.