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$SNDK SK Hynix dominates HBM—HBM accounts for more than half of the global market share, and NVIDIA has to get past it every generation. With an operating profit margin over 70%, it is the most stable tier. But the good story is already priced into the stock; buying it means buying certainty, not cheapness. $SKHYNIX $MU covers the full spectrum—DRAM, NAND, and HBM all included. The only IDM in North America, it has signed 16 long-term contracts locking in one-third of NAND volume. The key is its forward PE is just over 7 times, making it one of the cheapest in tech stocks. Next Wednesday (9/30) after market close is the earnings report, the biggest event for the memory sector this week. Watch two things: whether ASP has risen and how buybacks are arranged (the buyback ban lifts in December). SanDisk bets on NAND—pure NAND, no HBM hedge, the most volatile and wild. It relies on NBM long-term contracts to pre-sell half of FY27 and two-thirds of FY28 capacity, and even launched HBF to ride the AI inference memory wall narrative. But look at how much it has pulled back from the June peak—that’s the temperament of a high-valuation cyclical stock. In short: for stability, look to SK Hynix; for cost-effectiveness, Micron; for excitement, SanDisk