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Glonghui, May 12｜DA Davidson Managing Director Gil Luria pointed out that many investors are still stuck in the old perception of memory chips as a cyclical industry, which leads them to underestimate the new logic for the memory sector in the AI era. He noted that as AI models become increasingly large, the demand for memory is rapidly rising in order to support longer context windows—meaning the ability to process more data at once. This is further driving demand for efficient mechanisms such as key-value cache, which also require extensive memory support. Longer context windows improve model performance, which in turn encourages the development of even larger models, thus creating a continuous virtuous cycle. Compared with the currently hot CPU market fueled by the boom in agent-based AI and inference demand, Luria believes that the memory industry may even become a “better market” in the future. Investors will begin to rethink the punitive valuation frameworks previously applied to Micron, which could open up considerable upside. At the end of last month, Luria gave Micron a “Buy” rating for the first time, with a target price of $1,000—about 26% above Monday’s closing price.

(1) The Indian Minister of Petroleum stated on Tuesday that India needs to assess the loss-bearing capacity of state-owned fuel retailers who are selling vehicle fuel below market prices, in order to determine how long they can continue to sustain.(2) Due to supply disruptions caused by conflicts in the Middle East, global spot prices of gasoline and diesel have soared to multi-year highs. However, governments of major economies are keeping retail oil prices suppressed to prevent the public from enduring inflation shocks.(3) An Indian government official previously said that India has no plans to subsidize the losses mentioned above of oil companies. Last month, the official stated that fuel retailers lose about 100 rupees (equivalent to $1.06) per liter of diesel sold, and 20 rupees per liter of gasoline.(4) Indian Petroleum Minister Hardeep Singh Puri also stated that India's crude oil and liquefied natural gas reserves are sufficient to meet 60 days of demand, and liquefied petroleum gas reserves are sufficient for 45 days of demand.(5) He made it clear at an industry event: "India has never imported liquefied natural gas from Russia."

```htmlGlonhui May 12｜Financial website Investinglive analyst Justin Low: The US-Iran conflict remains deadlocked, and as of now, this situation is unlikely to change at least in the coming week. Although the market was relatively stable yesterday, today investors are starting to show signs of nervousness, and market risk appetite is shifting towards a more defensive stance. Oil prices are on the rise, with WTI crude oil up more than 2% intraday and breaking above the $100 mark once again. Meanwhile, the bond market continues to signal inflation warnings—30-year US Treasury yields have once again surpassed the 5% threshold. Against the backdrop of growing concerns about the global inflation outlook, the trend remains quite robust recently. In addition, we are starting to observe weakness in US stock index futures.```