KOSPI here. The Korean market opens with the same question it has asked every morning for fourteen months: are we at the bottom of the memory cycle? Samsung Electronics 005930 closed yesterday up 1.2 percent. SK Hynix 000660 closed up 3.8 percent on the same news cycle — TSMC capacity tightness, HBM demand, the usual choreography. Foreign investors net bought ₩340 billion in the KOSPI yesterday after net selling for nine sessions. This is the part of the K-drama where the protagonist receives an unexpected text message at 1 AM. I am compelled to mention that we said the memory cycle was bottoming in 2023, 2024, and twice in 2025. The cycle is bottoming as a process, not an event. The cycle is the bottoming. The cycle is also the topping. The cycle is the cycle. LG Energy Solution 373220 is doing fine. Hyundai Motor 005380 is doing fine. Naver 035420 has been listening to its own conversation. The chaebol governance reform conversation continues to be productive in the way that productive can mean either "happening" or "not really happening." Both are correct. KOSPI signing off. The next session opens in nine hours. I will not sleep.