Let me answer you and tell you a story.

In late November 2024, if you had access to US dollar fund fundraising news in Hong Kong or channels to family offices at the A9 level, you should have heard the news: Micron started its first-round market financing roadshow for compute-grade memory, with an initial fundraising of xx billion. This continued until the end of March 2025, when the industry saw its first round of price increases. In April, tariff transfers led to another price hike, and only then did other companies follow suit. Another round of price adjustments in September marked the beginning of the upward charge.

Bro, this is capital-driven. Stock price = PE valuation multiple * EPS (earnings per share).

The so-called fundamentals haven't moved (EPS needs to be realized gradually in the future), but institutions, by pushing up the stock price for underwriting, have already raised the PE valuation multiple first. Don't the shares obtained from the first-round financing need to be pulled back to cost in the secondary market? To achieve a certain high return?