The author notes that a shifting memory mix from DRAM to HBM is dragging down blended ASP growth, with HBM pricing flat while DRAM prices have risen. Longer-term, increasing HBM requirements per new accelerator generation are expected to shift more bits to HBM and potentially hurt commodity DRAM players like Micron who struggle to produce quality HBM. Meanwhile, SK is viewed as having timed the top of the market well with their ADR issuance and LTAs, which should mask falling spot prices in the near term.