After the earnings announcement, Jensen Wang mentioned that, although it is not official, margins are declining faster. This has significantly irritated people. The biggest risk the U.S. sees in expanding its semiconductor business is that TSMC's position is too strong. They expected Intel to play a role, but that hasn’t been happening. Therefore, there is an opportunity for Samsung Electronics. If they can show something, I believe there is a possibility of hope emerging. Currently, I don't see a downturn in semiconductors. However, there are some aspects where momentum is slowing down. This is being reflected in the stock prices, and once that is accounted for, growth potential will be sought again. Joining me now is Lee Seung-ho, head of the research center at Eugene Investment & Securities. Welcome.

Hello, how are you? It's nice to meet you. I'm glad to see you, but the current situation regarding semiconductors isn't so pleasant. I'm curious about how you diagnose the current situation, so I would like to hear your overall assessment. The earnings season has come to an end, and while we have prepared today's content, we also compiled what major U.S. companies discussed during their conference calls and the forecasts they presented. In general media, the evaluations tend to suggest that companies performed well this time as well. However, from our analysis, looking at it from our perspective—not just the general consensus but what we call a deep consensus—when we compare it to what actual buy-side analysts are feeling, it seems to fall slightly short of expectations. Overall, it appears that...

As the presidential election approaches, there may be some cautious aspects that arise. Additionally, there are discussions that demand related to PC and smartphones may not be as strong as expected. Therefore, if we summarize this, it seems likely that there will be a temporary lull in the short term. I understand that you have a presentation, so please proceed with that, and we will ask a few questions along the way. It would be great if you could provide good questions as we go. Let's take a look at the data. Since last week was the end of August, I checked the semiconductor market capitalization again. First, on the left side, the SOX index peaked at 5,900 and then dropped to around 4,400, which means it has undergone a significant correction of about 1,500 points.

After that, we attempted a rebound, but as you can see in the graph, it didn't really bounce back much and started to decline a bit again. The biggest reason for this is NVIDIA. NVIDIA should have pulled it up significantly, but there seems to be a bit of a loss in that momentum. Looking at the table next to it, I organized the companies from 1st to 30th place, and among them, the companies shaded in yellow are what you might call the loser group. This group includes Samsung Electronics, AMD, Intel, Tokyo Electron, and several others. It might not feel great to hear this, but I think it's worth noting. We need to break out of this situation quickly, but unfortunately, Samsung Electronics continues to be shaded in yellow, which weighs heavily on my heart.

In July and August, I have been watching overseas companies. There are actually 112 companies, but the numbers seem to be incorrect. Among these, I mainly focused on the tech sector and consumer goods because I need to observe how consumer patterns are shifting. For example, biotech and financial stocks are somewhat excluded from this analysis. While their performance might have been good, the companies I am monitoring overall show the following results. I have also organized a bar graph, and when looking at the companies that provided guidance, there are about 33 with positive guidance, 26 that are neutral, and 46 that seem somewhat negative. Overall, I would say that the negative stance is somewhat more prevalent, especially regarding performance.

During the presentation, 15 companies mentioned a slowdown in consumer spending in the U.S. and Europe, and about 12 companies specifically pointed out weak demand in China, which is quite a significant number. Furthermore, there are concerns that profit margins will decrease. While sales are stable, profit margins are expected to drop due to the cost burden from inflation, affecting around 15 companies. On the other hand, there are also companies announcing improved profit margins. These companies are primarily retailers, including Walmart, TJX, and several department store-related businesses, including Target. We pondered why these companies are experiencing improved margins. Ultimately, it comes down to the application of AI in their business models. Companies that have implemented AI to enhance efficiency are showing promising outlooks, even if their sales figures are somewhat stable.

There have been indications that companies that have adopted AI are doing better, while those that haven't are struggling a bit. Has this led to a reduction in labor costs? For instance, improvements in overall efficiency, such as through targeted marketing, could have various benefits. There may be areas where savings can be made when making purchases. I suspect that this could be the case. 

Specifically, when I mentioned retail companies, it was because they suddenly released their performance results in late August, and there were many positive comments compared to before. Looking at the details, the sales guidance isn't very strong; in fact, it's not particularly robust. However, there are some aspects where margins seem to be improving, and that's how we interpret the situation. If we were to summarize what the companies are directly saying, I noticed some possibilities while looking at the chart earlier.

Right now, if we look at the U.S. market, industrial materials, finance, and equities are all recording historical highs in their sectors, and the Dow Jones index is also at a historical high. This is generally interpreted as a sign that the economy is not doing poorly, especially since sensitive value stocks are reaching new highs. So, when you observed this movement in stock prices, it was common for semiconductors, which are somewhat cyclical, to follow suit. However, I feel this cycle is a bit different. What do you think? 

Well, it's not that different. In fact, semiconductor companies have been doing well, and they had performed well previously too, with stock prices rising significantly. Of course, there are some companies that have seen declines this year, but overall, the U.S. stocks index has risen considerably. So, that has been reflected in the market.

Now, what I want to say is that the guidance from companies, while we haven't seen the numbers yet, seems to indicate a slight downturn compared to the strong upward trend we experienced in the first half of the year. Recently, we are observing some weakness in areas like M7, and I believe these aspects are becoming evident. As I mentioned earlier, historically and statistically, September and October have been periods where the U.S. stock market tends to take a breather, which might have some psychological effects. For example, the thought that it's okay to take a break now because there has been significant growth this year is one perspective. Conversely, if we look at it briefly, the sector with the largest decline compared to its peak is, after all, the semiconductor sector, while others are all...

Since we have reached the reporting price, there is a view that it could also reach the previous peak in the short term. From this perspective, how do you see it in the short term? I believe that it's not easy for the semiconductor sector to surpass its previous peak. This is because the previous peak has already shown significant upward movement before. So, the defensive characteristics you mentioned are showing a tendency to rise a bit late, while the semiconductor sector has already risen and is now undergoing a correction. Additionally, there are aspects where some momentum is waning. This is currently being reflected in stock prices. Once this reflection occurs, it will again seek growth. At that time, if companies provide slightly better guidance during their earnings announcements at the end of the year or the beginning of the next year, I still believe there is a possibility for a rebound.

I understand that ASML hasn't changed its guidance. There hasn't been any change, and rather, some overseas media mentioned that the order backlog is important, and the order backlog has actually increased. However, the stock price has dropped by 88%. The issue was that the expectations were too high. You may remember that around that time, there was an incident involving Trump, which led to adjustments in the big tech sector in the U.S., and the semiconductor industry also experienced a decline. That's about the extent of it. On the other hand, if you look at TSMC, they have actually increased their annual sales growth forecast. This indicates that the demand for TSMC is quite good. Ultimately, even though NVIDIA's stock price has dropped a bit this time, they mentioned that the demand for HB is very strong. Therefore, in fact, that...

For example, the controversy surrounding AI pickouts, in my view, is not really a controversy at all. It's simply that stock prices are falling, and people are trying to explain that. I believe it's not the case. On the next page, we have semiconductor companies listed. First, there's NXP, a leading player in automotive semiconductors, but their performance was not very good. The automotive sector is currently in a tough spot. In fact, from our perspective, the guidance was worse than expected, so the stock price fell again. The reason given was that automotive demand is weak, and they elaborated on that. Cadence, a company that sells semiconductor software, also had guidance that was somewhat disappointing. Many semiconductor companies, except for a few, have recently provided lower guidance than the current market consensus, which has been a bit concerning.

It seems that the weak stock prices may be due to this situation. Now, if our viewers can see it this way, that would be great. I noticed that the performance results from Dai-Il were decent, and the stock price seemed to be doing well at that time. Then, Salesforce.com announced their earnings, mentioning that due to AI, we could expect better profit margins in the future, if I remember correctly. Furthermore, you provided a detailed account of Nvidia's earnings, and I wonder if you could elaborate more on the companies that directly impacted semiconductor demand. Since you mentioned Salesforce first, let me add that the earnings from three months ago were actually more important. Salesforce announced their results at the end of May, and the stock plummeted by 20%.

I had been thinking particularly about AI and the slowdown in Salesforce's revenue growth since last May. In fact, as I mentioned earlier, people had doubts about the efficiency of investments in data and AI. They thought Salesforce would continue to perform well, but the stock plummeted by 20%, which shocked many. However, this time it wasn't as severe. Since they had already seen the slowdown last time, the actual performance turned out to be better than people's concerns, and as a result, the stock rose by about 3% to 4%. However, I don't think the guidance that Salesforce provided was particularly good. It's not that great, but considering how well things had been going until May, the stock...

I arrived here in a situation where I was already 20% down, so I think I've already been in a somewhat lowered state. Rather than feeling too disappointed, I can see that there were some positive aspects to it. The reason for this is that companies like Salesforce and Intuit have continuously claimed that with the introduction of AI, our customers would use our products more, and our profit margins would improve, so it was all good. However, as you mentioned, sales weren't very good, but what I remember most about Salesforce is that their profit margin guidance went up. I don't think this has been reflected very positively over time, but as you said, if they can show that profit margins are improving, then smaller companies than Salesforce or Intuit might also decide to adopt AI. For example, three months ago, they became black belts and it's amazing.

You mentioned that AI is being used a lot, and if that story can still be alive, then even if the legacy is poor, it can still go on like this. Just a month and a half ago, do you think that has been somewhat damaged now, or is it still alive? The thing is, there are good companies related to software. For example, companies like Salesforce, IBM, and Oracle are doing well in this regard. From my perspective, this is because companies are currently in a very good situation when it comes to adopting AI, especially regarding infrastructure software. In fact, Salesforce also has aspects related to infrastructure software. However, last time, Salesforce's revenue growth rate fell short of market expectations, so we need to be cautious about that, along with other factors.

Software actually has a reverse management aspect. A representative example is Adobe. Adobe has a very small PDF, but it is a well-known company. However, Adobe also uses AI. For instance, when we edit pictures and erase the background, we think it would originally take a long time, but the stock price is not doing well. In the end, because of AI, there will be many companies that benefit. However, in some cases, there are companies whose solutions may not be necessary at all, as they can be replaced by basic AI functionalities. There are discussions suggesting that this could actually have a negative impact. Therefore, among software, I believe that the positive side, as we mentioned earlier, is related to the infrastructure of those companies.

I think expanding and enhancing the efficiency of these companies is quite a good idea. Especially, when we look back at the overall analysis, the best sector seems to be the network companies. Cisco, for example, has a decent router network stack. However, the software aspect varies depending on the company's specific solutions, which leads to some differentiation. We interpret it this way. 

Additionally, as we discussed earlier, some companies that effectively integrate AI to control costs or improve efficiency have stood out. For instance, retail companies like Walmart, Target, and TJX, as well as Nordstrom, have significant amounts of data. If they can utilize this data effectively, they can enhance their existing operations.

Compared to other companies, there were aspects in which corporate efficiency and management efficiency could be improved. As a result, these companies had decent stock prices. This continued until around mid-August when there was a significant drop. Recently, we have seen that U.S. retail sales data has turned out to be better than expected, and companies like Walmart have reported positive results. This has contributed to a relatively favorable situation for retail stocks. These characteristics stood out. I wanted to ask why, as you noted here, ISG's sales have been exceptionally good, leading people to understand that their servers are performing well. However, on the contrary, Super Micro Computer's stock price has dropped significantly. Consequently, people are discussing Super Micro's servers.

Because it's not about what is being written but rather what can be achieved, saying that Dell's performance has improved because of AI is a bit of a misinterpretation; it has simply taken away market share. Let's take a look at Supermicro. If you look at Supermicro's recent performance, their revenue is just reported as a range, but their margins have dropped a bit. It's the opposite situation for them. Their stock price has also fallen significantly. People are saying, Isn't this company doing poorly? However, if you look at their first-quarter guidance, they forecast revenue between $6 billion and $7 billion, while the market consensus is $5.46 billion, which is much better. Furthermore, their annual guidance is currently set at a market consensus of $23.6 billion. Since they have a fiscal year ending in June, they will enter the next fiscal year starting in July. The guidance provided by the company is a maximum revenue of $30 billion.

Looking at the guidance from Micro, the servers are good right now. However, there have been some issues related to the company's recent problems, such as cyclical issues. They provided guidance that margins are not looking good. The company mentioned that as they apply their solutions, specifically the DLC, which is direct liquid cooling, related research and development costs and other expenses have increased significantly, leading to poor margins. In my opinion, the guidance from this company strongly indicates that AI is still progressing. 

As for Dell, they have their strengths; they are good in many areas. I’ve also spoken with domestic cloud service providers, and most of the executives there advised against diversifying unnecessarily. They believe that servers are essential, particularly with GPUs like NVIDIA’s H100.

As much as possible, try to do that. Because until last year, they said they couldn't achieve H100. So, there weren't many HB units in the country. However, in the first half of this year, I noticed that some companies have started to stock up significantly. I know the exact numbers, so there is definitely a preference for that kind of approach. On the other hand, while Dell performed well, the atmosphere around HP was not as good. After the earnings announcement, their stock price dropped a bit. The company explained that the reason for the poor performance was that the printer segment wasn't doing well. However, what we really hope for in the market is whether AIPC will improve. Regarding that, they said it looks very promising. In fact, even before I came in today, we were discussing this.

We talked about the memory market, but recently, there have been some weaknesses in DRAM prices. So, why is that? There is some inventory in smartphones, and they had purchased a lot of PC components, but it seems that the sales are not as strong as expected. Because of this, they might need to reduce their purchases. Fortunately, HPGA has left a somewhat positive outlook on AI PCs. However, I still don't think we have seen a widespread adoption yet. We may need to observe the atmosphere during the year-end shopping season, commonly referred to as the Christmas season. If some good data comes out during that time, it could alleviate some of the recent concerns in the DRAM spot market.

We can sense some possibilities here. I understand. Now, looking at this, it seems we have organized NVIDIA's performance, and the domestic semiconductor stocks are not performing well. We need to discuss what investment ideas we can derive from this situation. Last week, I wrote two reports related to NVIDIA. One was a preview report, which I usually don’t do for foreign companies, but since it was so important, I released a preview at the beginning of the week. Then, I wrote the follow-up report. Our expectations were somewhat aligned, but the figures I mentioned in the preview were $29.9 billion in revenue. However, the actual figure came out to be $30 billion. We also estimated the EPS to be 0.69, and the reported EPS was indeed 0.69.

0.68 came out, so it was almost similar. This time, if we analyze it, there is a table here, but I will explain it in a diagram instead. The revenue of Nvidia is at the top, and the growth rate of Nvidia's revenue is 22%. As you can see, this is a drop of more than half compared to the previous quarter, which was 262. However, it’s not that we were unaware of this. I mentioned three months ago that while the revenue growth rate for this quarter would be high, it was going to drop. The growth rate is indeed very high, but it will decline, and this will be reflected in the stock price. Another point is the GP margin, which was a bit lower in the last company report, so I was also a bit puzzled about why it was so low.

Sales continue to be strong, and even if there are some minor issues, the impact of those will likely be minimal due to the very small quantities involved. However, the company mentioned that sales have dropped more than expected. So, if this trend continues, it could affect the stock price. As you can see, over the past two years, sales have increased along with margins. This marks the first time in two years that margins have declined. This decline cannot be overlooked. The company explained that the decrease in margins was due to initial yield issues with the masks, which led to additional costs for mask replacements. However, they stated that this has now been resolved. The masks have all been completely replaced, and the implication of this mask replacement is that there were some design issues.

The mask was designed, and now it has all been replaced, so the issue has been resolved. I was looking forward to it, but then they provided guidance for the next quarter, and the margins have dropped further. Yes, the loan has slightly decreased. Even if it has been resolved, I believe that this quarter should at least reach the middle point of the last quarter, but it is dropping even more. I think this has significantly contributed to the recent negative sentiment, especially in the media. Some people are asking, Why is NVIDIA's stock falling when the performance and guidance are good? However, I believe that the guidance given was such that the stock had no choice but to drop. So, when will this change?

For example, in three months, NVIDIA will announce its earnings, and they have given a guidance of 75.0%. But if the actual figure comes out to be around 76 or 76.5, then that would solve the issue, and the atmosphere would change again. At that point, the semiconductor market could expand, and there's a possibility that NVIDIA could once again drive growth. So, that's how I interpret it. Ultimately, since NVIDIA is showing this kind of performance, our largest beneficiary, Hynix, is also in a somewhat weak situation. Similarly, Samsung is in the same boat; they are also expected to supply H, so we thought the stock price would rise, right? That makes sense. However, since we were only waiting for that and have now entered a period of consolidation, we have to consider that. Additionally, one more thing we believed about Samsung is the legacy DRAM.

Still, I thought this would be solid, but recently, for example, DRAM exchange has changed its outlook. The outlook indicates that some module manufacturers, meaning DRAM module makers, are sensing some unusual signs and seem to be reducing their purchase volumes. Reports like this have emerged. However, this is actually about the spot market. So, from my perspective, I don't think the contract price outlook will decline. The reason it may not drop is that even if it doesn't rise, the share of HBM (High Bandwidth Memory) is increasing. This means that our weighted average price will inevitably rise. So, looking at that, while there are some concerns, I believe that the performance of Samsung Electronics and SK Hynix will continue to rise in the third and fourth quarters.

It seems that a picture will emerge, and the important thing here is that we need to start thinking about next year. Recently, there have been some unfavorable reports regarding demand compared to what we observed in the first half of the year, so I don't think there will be any aggressive investments. If you look at the recent situation, Intel is in a state of decline; they are saying they won't be paying dividends and have canceled all previous investment plans. There are discussions about their foundry business as well. Some people are saying they might sell it, and that's a possibility, but there's also talk of completely canceling the foundry business. However, I don't think they will shut it down entirely; selling it is something they could consider. Overall, it seems to me that the investment itself is...

There was a somewhat tense atmosphere in the market, but it's not as extreme as it seems. In fact, it's not that severe; HBM manufacturers are enjoying some special circumstances right now. However, this is currently taking a bit of a breather. As I mentioned earlier, NVIDIA is going to showcase their sustainable profitability once again. This time, the results came in slightly higher than expected, but the previous guidance they provided was about 2% higher than their initial projections regarding margins. So, if they demonstrate a similar performance next time, the stock will likely rise again. On the other hand, if they don't show those results, then the stock might take a bit more of a pause. It could indeed rest a little longer. However, from my perspective, the current level of 75.0 is somewhat low, and it does need to rise a bit. So, that's something to keep an eye on regarding NVIDIA as well.

Since we are seeing a 0.7 increase, it seems that the quarterly growth is about 10%. If we look at the next fiscal year, the EPS is projected to be around $3, which means it might reach approximately $67. Given that the current price is around $120, this puts the price-to-earnings ratio just over 30. Even if there is no growth, the Nasdaq is around 30, so some people argue that there is still a reason to buy the stock, even if the guidance is not good. What do you think about this? It makes sense, but when the stock price was rising before, we were focusing on growth. Now, we can't do that, right? So, in reality, stock prices fluctuate. Theoretically, we model it this way, but it doesn't always go according to plan, so there will be some ups and downs around this level.

When considering stock investments, I think about the risks involved. Many people now believe in Nvidia, and honestly, it's hard not to. The competitiveness that Nvidia demonstrates is such that even though other companies are trying to catch up, it's not easy to close the gap with Nvidia. Therefore, if Nvidia can stabilize the yield from the Blackwell architecture, I believe it can surpass its current levels, as you mentioned. Looking at the chart here, we anticipate next year's EPS to be around 3.89 to 3.90. This is still quite high. Additionally, I expect margins to decrease a bit. However, if you look at it, the average margin for next year is projected to be 14.1%.

If the Blackwell stabilization happens, we could actually see numbers like 76 or 77. Then, in fact, numbers beyond that could come out, so we can just observe and verify that. Jensen mentioned that there would still be some revenue guidance for Blackwell in the fourth quarter, but originally, the drop was due to the delay in the Blackwell deal. However, even though he said that wasn't the case, strangely, this time there wasn't much reaction to Jensen's comments. Why do you think that is? 

I think the content wasn't significantly different. There was a sense of fatigue regarding it. After the earnings announcement, Jensen had an official interview with Bloomberg, where he said things would be good. Of course, he would say it positively; it's natural for Jensen to speak positively.

The point is that it needs to be proven with numbers. For example, in the fourth quarter, it's like this; in the third quarter, even though it’s not officially stated, the margin has decreased further. People have often talked about this on an annual basis. This has somewhat touched a nerve, and that topic came up during the conference call as well. So, the question arose: could the margin drop to the low 70% range in the first quarter of next year or in the first half of the year? It seems unlikely, but I think we need to see some signs of recovery rather than just saying it’s unlikely. In terms of the impact on the domestic semiconductor sector, there’s NVIDIA, and with the U.S. presidential election approaching, how are you organizing scenarios based on the potential outcomes?

I'm curious. Internally, we've already reviewed that matter, and many other institutions have, too. At that time, it wasn't Harrison, and both the Democratic and Republican parties had their projections. The truth is, they feel burdened by it. Many of the fund managers we've met seem to be split on this issue. Generally, many believe that Trump is still pro-business. Although there are some unpredictable risks, there are also aspects like tax cuts that might make things better. However, I think that applies more to American companies. For us, it ultimately poses a burden, as Trump's administration brings various uncertainties, among other factors.

It seems that the intensity of pressure in various aspects might be somewhat burdensome. On the other hand, if we look at the policies from Harris this time, some of them appear to be less friendly toward businesses, which raises concerns. This upcoming U.S. presidential election, along with the elections for the House and Senate, will need to be observed for their outcomes. However, the possibility of a blue wave or a red wave doesn't seem very high. If the presidency goes to the Democrats and the House and Senate are controlled by the Republicans, it will ultimately lead to some checks and balances. Therefore, there are prevailing forecasts suggesting that it won't lean too heavily in one direction. We also see a high likelihood of this scenario, which seems to be the best outcome. So, if we envision a situation where a new president is elected but without significant changes to the current system, it would simply be...

The current flow is expected to be similar, and for example, the pressure on China will continue. In the meantime, it is important for South Korea to seize opportunities in the semiconductor industry. Especially since Intel's foundry is facing a very difficult situation, what is crucial from our perspective is that Samsung Electronics' foundry captures these opportunities well. The biggest risk that the U.S. sees when expanding its semiconductor business is that TSMC is too dominant. They expected Intel to play a significant role, but it hasn't been performing well. Therefore, there is an opportunity for Samsung here. If we can show some progress, it could bring hope to many people who are currently suffering due to the stock price of Samsung Electronics. I foresee a possibility of hope emerging in this situation.

Lastly, I want to ask again, Samsung Electronics used to do a lot of mobile chip foundry work, right? Even 10 years ago, they were making chips for Apple, but now they’ve lost that. Fortunately, Samsung Electronics has its own smartphones, so is there any way for Apple to re-enter the mobile foundry market? Since they have experience from about 10 years ago, I wonder if there’s a possibility. We’ve discussed this with many people several times, and ultimately, you know what Samsung’s business model is. It’s a model that competes with its customers, which has fundamental limitations. That’s why we hear recent news about Intel separating and selling off its foundry business. This is actually just a common understanding.

It may seem similar, but it's very important that this topic has come up again. The discussion is about how NVIDIA is the best at making GPUs, and all the cloud companies are using their products. They asked if NVIDIA has any plans to enter the cloud business directly. However, what did MBD say? They stated that they do not compete with their customers. This highlights how crucial it is to understand the fundamental structure of their business. Samsung has a somewhat dilemma-like model regarding competition with customers, and this issue has been around for 10 to 15 years. Yet, they haven't changed it. Therefore, I think there is a need for deeper reflection on these aspects. Of course, it's difficult. The reason Apple stopped providing foundry services to Samsung is not solely due to technical capabilities.

You see, the technology is significant. First of all, that's the most important thing, but there are also those aspects to consider. Because, in fact, collaborating with Samsung may not be a bad thing for Apple. They need each other, right? However, creating something completely from scratch, like Zero, might have had its own reasons. Samsung is competing in the smartphone market, so I understand. 

Similarly, for example, even if Samsung cannot compete with Apple, they could partner with MediaTek for foundry services. But from MediaTek's perspective, they have competing products like Exynos from Samsung, so they might wonder why they should collaborate in that way. 

Now, as we are approaching the end of our discussion, I would like to hear your final thoughts or advice regarding semiconductors before we wrap up.

I wanted to ask you about that. The topic of our first discussion was actually this: the semiconductor stocks have been suppressed, but are they not gaining upward momentum? However, as you mentioned, there are various conditions to consider. If Nvidia performs this way, or if other circumstances change, it seems that viewers these days are not looking for overly optimistic forecasts but rather want to hear realistic stories. If you could share how we should respond starting from the next quarter or from a near-term perspective, I would appreciate it.

To conclude, we believe that the semiconductor market will not decline. However, as mentioned earlier, the guidance from U.S. companies has a somewhat conservative aspect, and the momentum is slightly uncertain.

I lost, and if you look at the first picture here, you can see that the growth rate cycle of DRAM is currently declining from its peak. So, this period reflects some of those aspects. Furthermore, if you look at the last picture, it shows the monthly Nasdaq growth rate during the years of the U.S. presidential elections since 2000. However, September and October are not looking good. Considering these factors, I advise caution in the short term. However, since there haven't been any significant changes afterward, I believe there will still be considerable opportunities to regain strength. 

Alright, let’s wrap up here. This segment was with Lee Seung-ho, the head of the research center at Eugene Investment & Securities. Thank you for listening. If you want to see more videos, please click the subscribe button on the right side of the screen.

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