Prior to the earnings report, the market consensus for FY2027 EPS is approximately $121.77. Combined with this quarter's outperformance and strong Q4 guidance, the adjusted EPS anchor point is set at $145. The valuation divergence primarily lies in the price-to-earnings (P/E) multiple the market is willing to assign, reflecting different judgments on whether the "cycle narrative has been broken": • Pessimistic scenario (cycle narrative unchanged, 5x P/E): If the market believes SCA is merely the icing on the cake, the memory industry will continue to exhibit the characteristic of "a deep valley inevitably following the peak"...