ECB President Lagarde: Most government fuel support measures are neither temporary nor targeted.

US President Trump will deliver remarks at 2:00pm (02:00 Beijing time next day) on a steel project in Iowa.

Micron's core long-term structural bullish logic lies in High Bandwidth Memory (HBM). HBM has become a key component in AI accelerators, and each new generation of AI hardware requires higher memory bandwidth and increasingly complex, high-performance storage products. This creates a demand driver unlike anything seen in previous storage cycles. In addition, HBM generates a significant supply effect. HBM manufacturing consumes more production capacity than traditional DRAM. When storage manufacturers allocate more manufacturing resources to HBM, the capacity available for producing traditional storage products decreases, further maintaining the tight supply in the overall storage market. This is why this cycle may last longer and be more profitable than previous storage cycles. However, HBM does not mean the cyclicality of the storage industry has completely disappeared. The underlying economic laws remain unchanged: high returns stimulate investment, technological advancements improve production efficiency, and ultimately, supply will respond. HBM may extend the cycle and potentially increase Micron's average profit margin across cycles, but the real question is: how much of today's high profitability will ultimately translate into structural, long-term profitability? Investors will naturally focus on HBM4 shipments and customer demand, but price may be a more crucial indicator. Currently, customers seem willing to pay significantly higher prices for advanced storage products, as access to AI infrastructure capabilities has become a strategic priority for large technology companies. This gives storage vendors exceptionally strong pricing power. However, on the other hand, storage is accounting for an increasingly larger proportion of the total cost of building AI infrastructure. If prices remain high for an extended period, customers may respond by optimizing system design, reducing memory configurations, or improving overall computing efficiency. This may not necessarily weaken the long-term demand logic for AI, but it could affect the extent of pricing power that storage vendors can retain in the future. Therefore, the key focus going forward will be the combination of shipment growth and price discipline.