In a research report published on August 4, Goldman Sachs pointed out that despite the recent significant correction in the stock prices of Samsung Electronics and SK Hynix, their valuations have fallen to extremely pessimistic levels, inconsistent with their fundamentals. Goldman Sachs believes that most of the market's eight core concerns about the South Korean memory industry (including HBM pricing outlook, long-term agreement structures, inventory status, Changxin impact, shareholder returns, etc.) are largely overblown, and the actual supply-demand landscape continues to support high memory prices. Goldman Sachs projects that the blended average selling price (ASP) of HBM for Samsung Electronics and SK Hynix will increase by approximately 87% and 100% year-over-year, respectively, by 2027, both approaching $2.9 per Gb, significantly exceeding market consensus. Furthermore, as market expectations for a long-term tight memory supply strengthen, long-term agreement (LTA) terms are shifting in favor of suppliers, characterized by longer durations, broader coverage, more favorable pricing structures, and stronger commitments such as prepayment mechanisms.