In the first half of 2026, the storage industry emerged as the core focus of the semiconductor sector, with several leading companies experiencing a surge in profits. SanDisk's stock price soared by over 900% within a year, while Samsung Electronics' semiconductor business saw its operating profit skyrocket by 756% year-on-year. The storage industry is undergoing a supercycle driven by AI computing power demand, with significant price increases in DRAM and NAND driving global memory market revenue up by over 80% quarter-on-quarter. However, industry insiders point out that there are cognitive misconceptions behind the market euphoria. Despite the current robust demand, the cyclical fluctuation characteristics of the storage industry remain unchanged. The supply-side capacity expansion cycle spans 18 to 24 months, with new capacity not expected to be released until 2027 at the earliest. Additionally, overheated AI investment may lead to short-term demand overextension, while excessively rapid price increases could also erode downstream demand, necessitating caution against the risk of long-term value depletion.