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AI demand is broadening beyond compute, but the market is starting to distinguish capacity growth from earnings quality. Nvidia validated compute demand, while Marvell's higher long-term goals were not enough to offset order concerns. CXMT's H1 revenue of RMB150.31B and net profit of RMB77.61B, alongside its view of tight H2 DRAM and LPDDR6 validation, point to memory as another key layer. Improving results and guidance at CrowdStrike, Salesforce and Okta add a software signal: monetization is becoming more credible when it appears in orders and recurring revenue. My read is that the next phase will reward execution across the AI stack, not exposure alone. Not advice, just analysis. #AIStorageAndSoftware