The article analyzes that AI memory demand continues to grow, but investors' expectations for the performance of companies like Micron and SK Hynix have far exceeded their actual performance, leading to stock price declines. For example, SK Hynix's revenue grew by 257% and profit by 557%, yet its stock price still fell by 7%; Micron's stock price dropped by 32% after a record-breaking quarter. Investors are no longer satisfied with merely exceeding expectations; they demand performance guidance that shows exponential growth beyond "exceeding expectations and raising guidance." The analysis emphasizes that HBM capacity building takes several years, while AI hardware demand is continuously rising. This provides memory suppliers with a longer growth cycle than current valuations suggest, and the current sell-off reflects investor sentiment more than a deterioration in fundamentals.