Samsung’s earnings next year are going to be phenomenal... Take a look at this comment from Samsung’s earnings call today. Jaejune Kim, Executive Vice President of the Memory Business in Samsung Electronics’ Device Solutions (DS) division, said on the conference call following the company’s third-quarter earnings release on the 29th: “Next year’s HBM supply is already sold out, with pricing negotiations concluded at our target levels,” adding that “requests for additional volume continue to come in.” “At our target levels”... Do you realize what that means? Korean media previously reported that Samsung had quoted HBM4 prices in the mid-to-high $4 range per gigabit (Gb). (Reference: mk.co.kr/news/business/…) There were also rumors that NVIDIA was pushing back because it did not want to pay those prices. But judging by Samsung’s comments today, it looks like NVIDIA has ultimately accepted Samsung’s asking price. It now appears confirmed that Samsung will be selling HBM4 at the highest price among the Big Three memory makers. We believe Rubin variants equipped with Samsung’s HBM4 will be sold as a separate, higher-priced SKU compared with those using SK hynix or Micron memory. In effect, they would command a premium.(Historical earnings: For fiscal 2026FY (period ended 2026-09-03), Micron reported basic EPS of 75.38, diluted EPS of 74.33, net income of USD 84.969 billion, and revenue of USD 133.188 billion. Consensus expectations: For the upcoming 2026Q4 event, consensus expects EPS of 32.5625.)