In the past, the semiconductor industry was overly dependent on electronic products (mobile phones and computers), so before the AI ​​era, there was a strong cyclicality. In the replacement season, it was difficult to find a chip, and in the off-season, because of the fear that chips will be updated too quickly, they will be sold at a discount. Therefore, in history, the revenue and profits of semiconductor companies in the past were always very cyclical. But in the AI ​​era, when computing power becomes a basic implementation like electricity, the probability of periodicity is greatly reduced.