Against the backdrop of firmer rate expectations and pressure on gold, $SNDK rebounded more than 10% against the trend, diverging from macro liquidity.

Nvidia-themed momentum has lifted sentiment, but expectations for NAND contract price increases in Q3 have clearly narrowed from 70% to 10%–15%, and spot prices are also stalling around $21.

Only if enterprise long-term orders can land better than expected and the spot market breaks the deadlock will the valuation recovery rally have a chance to extend into the dense trading zone near the previous highs.

Once original manufacturers' long-term order quotes turn flat or lower toward the end of the quarter, the rebound trend will quickly fade and shift into a deeper correction.

If the spot market continues to remain in a stalemate of prices without transactions, then a single-day sharp rise will be hard to form the starting point of a new cycle.

The most critical variable to watch over the next 7 days is whether enterprise-level large order quotations can maintain double-digit growth.