Anonymous analyst Mr. P stated in a podcast on September 26 that hyperscale cloud vendors cannot predict the situation two years from now, and the market's "never-ending super cycle" assumption for AI hardware investment is just that—an assumption. He expects hyperscale cloud capital expenditure to be between $1.1 trillion and $1.2 trillion next year, with storage (HBM, DRAM, and NAND) potentially accounting for 50% to 60%, or $500 billion to $700 billion. UBS even estimates storage spending will reach $900 billion next year.