Recently, SK Hynix, Samsung, Micron, and SanDisk all plunged sharply, leaving many people confused. Earnings are still surging, HBM orders are booked through next year, yet stock prices have retraced by nearly 50% from their highs. During Longsys’ IPO, the market panicked outright, and capital rushed to exit. I myself held positions in Micron and SK Hynix—enjoying the gains during the rally, but beginning to doubt everything during the drop. Later, I realized one thing: memory is a classic cyclical industry; no matter how hot the AI narrative gets, it can’t escape the iron law that “what goes up too much must come down.” Those who truly endure aren’t the ones chasing highs, but those who set profit-taking targets in advance and reduce positions gradually. In a bull market, everyone thinks they’re an analyst; in a bear market, you see who truly understands risk management. Have you recently been “taught a lesson” by these memory stocks?