Memory chips have become a critical bottleneck for the expansion of AI data centers, with tech giants increasingly urgent in their need for a stable supply. Samsung Electronics is currently negotiating long-term supply agreements with Google and Microsoft, with the agreement with Microsoft involving a prepayment exceeding $10 billion. If the purchase volume falls short of the target, the difference will be deducted from the prepayment. The agreement adopts a volume-price linkage and prepayment-binding execution model to ensure contract fulfillment. Micron has already announced its first five-year strategic customer agreement and expects to complete the signing of long-term supply agreements with major tech companies in the first half of the year. Its capital expenditure plan for fiscal year 2026 nearly doubled, and if Samsung's agreement is successfully implemented, the scale of capital expenditures may further expand. With the deepening trend of HBM customization, demand for long-term agreements is expected to continue growing. If the long-term agreement model centered on prepayments is established, it will help reduce industry supply and demand uncertainties. Market risks exist; invest cautiously.