On Wednesday, the South Korean stock market blew up. The Korea Composite Stock Price Index closed down 5.98%. Storage giant SK Hynix plummeted 9.61%. On the same day that the South Korean storage giant plummeted, Changxin Technology, which had only been listed for three trading days, rose 12.7%. The rise and fall in a single day may be random, but what is worth watching is the industry signal behind it: it is rewriting the pricing logic of the storage industry. The DRAM market has been dominated by Samsung, SK Hynix, and Micron over the past few decades, and prices are basically controlled by the Big Three. Meanwhile, Changxin already ranks fourth in the world in terms of shipment volume. With this listing, more than 50 billion yuan has been raised to expand production. In the past, the market priced storage stocks only by looking at the faces of the Big Three; now, a new variable called “China Supply” has been added to the pricing system. This also explains the question at the beginning: Why would a record financial report be magnified and punished by the market? Because the frame of reference is changing, expectations are changing. It's not just Changxin. Recently, Chinese technology companies are frequently becoming variables in the global capital market. On the 16th of this month, Kimi K3, a large model with 2.8 trillion parameters, was officially released. This Monday, all model weights were revealed for free use by developers around the world. During this period, stocks such as Nvidia and the Philadelphia Semiconductor Index all experienced varying degrees of decline. From memory chips to big models, the turbulence in the Portuguese stock market actually reflects that the old pattern of the industry is loosening, and new forces are growing. For the Chinese technology industry, what is more important than a momentary rise and fall in the market is to calm down to seize the window period — deepening technology, making production capacity practical, and improving ecology. The ability to practice on one's own is the motivation for a longer period of time.

On Wednesday, the South Korean stock market blew up. The Korea Composite Stock Price Index closed down 5.98%. Storage giant SK Hynix plummeted 9.61%. On the same day that the South Korean storage giant plummeted, Changxin Technology, which had only been listed for three trading days, rose 12.7%. The rise and fall in a single day may be random, but what is worth watching is the industry signal behind it: it is rewriting the pricing logic of the storage industry. The DRAM market has been dominated by Samsung, SK Hynix, and Micron over the past few decades, and prices are basically controlled by the Big Three. Meanwhile, Changxin already ranks fourth in the world in terms of shipment volume. With this listing, more than 50 billion yuan has been raised to expand production. In the past, the market priced storage stocks only by looking at the faces of the Big Three; now, a new variable called “China Supply” has been added to the pricing system. This also explains the question at the beginning: Why would a record financial report be magnified and punished by the market? Because the frame of reference is changing, expectations are changing. It's not just Changxin. Recently, Chinese technology companies are frequently becoming variables in the global capital market. On the 16th of this month, Kimi K3, a large model with 2.8 trillion parameters, was officially released. This Monday, all model weights were revealed for free use by developers around the world. During this period, stocks such as Nvidia and the Philadelphia Semiconductor Index all experienced varying degrees of decline. From memory chips to big models, the turbulence in the Portuguese stock market actually reflects that the old pattern of the industry is loosening, and new forces are growing. For the Chinese technology industry, what is more important than a momentary rise and fall in the market is to calm down to seize the window period — deepening technology, making production capacity practical, and improving ecology. The ability to practice on one's own is the motivation for a longer period of time.