Goldman Sachs: The market has already begun valuing the memory Big Three on a P/E basis, and no longer treats them as mere cyclical commodity companies. “As evidenced by the recent expansion in ROE, Samsung Electronics and SK Hynix have breached their historical P/B valuation ceilings. This suggests that the market may no longer value these companies as pure cyclical commodity plays. This re-rating is supported by the widespread adoption of LTAs, or long-term agreements, with hyperscaler customers. Unlike previous cycles, these binding LTAs—often accompanied by prepayments—provide earnings visibility and create a structural floor against downcycle losses.”