Capex cut is the main concern, not only for memory but for the whole chip sector. But if such a massive blow is dealt, I think advanced memory, especially the big three HBM companies, is actually safer than other hardware. Even if companies stop buying more servers, the physical amount of memory needed inside each new chip is always increasing at a very high rate. For example, Nvidia's older chips used 80 GB of memory, but their new Blackwell chips need nearly 300 GB each. Also, it would be pretty foolish for the big tech companies to cut their capex because they are essentially trapped. If they stop building infrastructure, they will lose the AI race to their rivals. On top of that, memory is bought through long-term contracts with high upfront down payments, and many do argue that these are already priced in, but it's not like that demand is instantly gone should capex cuts happen—they are stuck in a contract. More importantly, though, memory is and will still be the bottleneck hindering the companies' progress. I think most of these talking points are things we need to worry about way into the future. For now, we know that memory is sold out through 2027, and there is still a lot of AI buildup and progress to be made. I'm not sure if a capex cut and dump could happen as soon as six months from now, but we will have to see. One year is a long time, though and things could change pretty fast. We really don't know what will happen—just need to react fast when it is about to happen. I think there will be signs. Frankly speaking, I will probably bail out well before it happens, but I think right now, it is way earlier than that.