Memory chip stocks have plummeted by more than 20% in recent weeks as the industry faces a revaluation of its underlying logic. This downturn follows a peak in late June, with concerns about a potential computing power glut, highlighted by Meta's sale of computing power, contributing to the decline. Leading companies such as SanDisk, Micron Technology, Seagate Technology, and Western Digital have all experienced significant share price drops. Industry analysts suggest that the traditional cyclical nature of the memory chip market, characterized by synchronized production expansions and subsequent price declines, is under reassessment. A key factor in this revaluation is whether the technological gap between AI large models will continue to narrow. Additionally, the business model of the memory chip industry is evolving, with cloud vendors and AI data centers increasingly opting for long-term supply agreements with manufacturers, which include price bands and minimum purchase volumes, marking a shift from the previous commodity-like pricing model.