Who is the best memory chipmaker now?
In our semiconductor industry deck, you will find everything you need to understand the market
SUMMARY
SK hynix is the best memory chipmaker now because it still leads the market’s hardest and most strategically important product: high-bandwidth memory.
Samsung remains the biggest and most complete supplier. It leads conventional DRAM, NAND flash and enterprise SSDs, so it would take first place under almost any definition based on breadth, scale or resilience.
HBM has temporarily changed what leadership means. A smaller company can outrank Samsung overall because advanced AI memory now carries more strategic weight than ordinary bits of DRAM or NAND.
SK hynix’s advantage comes from repetition, not one impressive specification. It has delivered several HBM generations at scale and still earns close to three-fifths of industry revenue despite facing two credible rivals.
Samsung’s HBM4 recovery is real. Commercial production, Nvidia compatibility and a major AMD program have moved the company beyond promising samples, although the resulting revenue is not yet large enough to overturn SK hynix’s lead.
Micron has become the fastest-moving challenger. Its HBM4 ramp, server-memory roadmap and shift toward enterprise storage show that the old three-company hierarchy is becoming much less predictable.
Recent profitability figures flatter Micron slightly because its quarter captured a later stage of the DRAM and NAND price recovery. Even with that timing advantage, its operating performance is exceptional and no longer looks like a temporary rebound.
The next AI-memory cycle may reward breadth more than the last one did. Inference systems need HBM, but they also consume large amounts of conventional server DRAM, low-power memory and high-capacity enterprise storage.
That wider demand is Samsung’s best route back to first place. It can supply nearly every important layer of an AI server and manufacture HBM memory, logic base dies, controllers and finished storage products within the same group.
SK hynix’s dependence on HBM and Nvidia is a genuine concentration risk, but it is also the source of its manufacturing knowledge, customer relationships and unusually high margins. For now, the benefits are still much larger than the danger.
Chinese suppliers are becoming powerful in mainstream DRAM and NAND, which will push Samsung, SK hynix and Micron further toward premium server products. CXMT and YMTC can reshape the market without being close to winning the overall crown.
The ranking is therefore narrow rather than permanent: SK hynix is the best current operator in advanced AI memory, Samsung owns the strongest all-round franchise, and Micron has the most room to surprise.
Why is the best memory chipmaker harder to name now?
The best memory chipmaker today depends on whether we care most about AI memory, total production scale, storage, manufacturing execution or profits.
For years, Samsung was the obvious answer. It sold the most DRAM, led NAND flash and had the financial strength to keep building enormous factories through every downturn.
AI has made the comparison less straightforward. High-bandwidth memory, or HBM, is now the most valuable and technically demanding part of the market. SK hynix leads HBM by a wide margin, even though Samsung remains larger across memory as a whole. Micron sits behind both in market share but has lately produced the fastest HBM ramp and the strongest reported margin.
We use “best” to mean the company with the strongest current combination of advanced products, reliable mass production, important customers, profits and preparation for the next product cycle. Size still counts, but it no longer settles the question by itself.
That definition gives SK hynix a narrow lead. Samsung remains the most complete memory company, while Micron is now a genuine contender rather than a distant third.
Is Samsung still the biggest memory chipmaker today?
Samsung is still the biggest all-round memory chipmaker today.
In the latest comparable quarter, TrendForce estimated that Samsung generated 38.5% of global DRAM revenue. SK hynix held 28.8%, Micron 22.4% and CXMT remained below 10%.
Samsung also led NAND flash. TrendForce placed its share at 31.6%, almost 14 percentage points ahead of SK hynix and Solidigm. Counterpoint uses a slightly different method and calculated a 29% share, but reached the same conclusion: Samsung remains comfortably ahead.
Enterprise SSDs add another advantage. Samsung generated about $7.05 billion from those products in the latest reported quarter. SK hynix and Solidigm reached $4.64 billion, while Micron produced $3.09 billion.
Those three markets cover most of the memory found in servers, smartphones, PCs and storage systems. Samsung leads all three, giving it a level of breadth that neither SK hynix nor Micron currently matches.
| Memory category | Current leader | Latest reported position |
|---|---|---|
| Total DRAM revenue | Samsung | About 38% |
| HBM revenue | SK hynix | About 58% |
| NAND flash revenue | Samsung | Roughly 29% to 32% |
| Enterprise SSD revenue | Samsung | About $7.05B |
| Fastest recent HBM ramp | Micron | More than $1B of HBM4 already shipped |
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Is SK hynix still the HBM leader now?
SK hynix remains the clear HBM leader today, with more revenue than Samsung or Micron and a much longer record of delivering advanced stacks at scale.
Counterpoint’s latest tracker gave SK hynix 58% of HBM revenue. Samsung and Micron each held 21%.
The direction is worth examining. SK hynix had 69% one year earlier, slipped to 64%, then settled around 56% to 58% for three consecutive quarters. Rivals are taking part of the market, but SK hynix has stopped losing ground rapidly.
Holding close to three-fifths of HBM revenue is especially impressive because the market now has three credible suppliers. Samsung has returned with HBM4, and Micron has moved from a small HBM3E position into volume HBM4 shipments.
SK hynix also reached this position across several generations. It was strong in HBM2E, became the early leader in HBM3, and built a large advantage during the HBM3E cycle. That repeated execution carries more weight than winning a single speed comparison.
Samsung may take substantial HBM4 share over the coming quarters. Today, though, SK hynix still controls the market that most clearly separates premium AI memory from ordinary DRAM.
If you want more recent data on this point, please see our latest semiconductor industry report.
Has Samsung’s HBM4 comeback changed the memory-chip race?
Samsung’s HBM4 comeback has changed the memory-chip race, although it has not yet removed SK hynix from first place.
Samsung began mass-producing commercial HBM4 with a sustained speed of 11.7 gigabits per second and headroom up to 13 gigabits per second. One stack can deliver as much as 3.3 terabytes per second of bandwidth.
The product uses Samsung’s latest 1c DRAM and a 4-nanometer logic base die. Samsung manufactures both the memory and the logic process internally, which could become increasingly useful as HBM base dies become more customized.
More importantly, Samsung has moved from specifications to real customer programs. Its HBM4 is designed for Nvidia’s Vera Rubin platform. Samsung has also agreed to become the primary HBM4 supplier for AMD’s Instinct MI455X accelerator after already supplying HBM3E for AMD’s MI350X and MI355X.
Taken together, those Nvidia and AMD programs show a genuine commercial recovery. Samsung expects its HBM sales to more than triple this year, and it is already presenting a faster HBM4E product capable of 16 gigabits per second.
The remaining question is volume. The latest market tracker still gives Samsung only 21% of HBM revenue, compared with 58% for SK hynix. HBM4 shipments will take time to become large enough to change those figures.
Samsung is back in the top tier of AI memory. Calling it the HBM leader already would be premature.
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Is Micron now the fastest-improving memory chipmaker?
Micron is currently the fastest-improving memory chipmaker.
The clearest evidence comes from HBM4. Micron says its 12-layer HBM4 production ramp is moving twice as quickly as its earlier HBM3E ramp. It has already shipped more than $1 billion of HBM4 and is supplying Nvidia’s Vera Rubin platform.
Micron has also held approximately 21% of HBM revenue for four consecutive quarters. That stability suggests it has secured a lasting place in the market rather than benefiting from a temporary qualification window.
Progress extends beyond HBM. Micron is ramping its 1-gamma DRAM process, developing 256-gigabyte stacked DDR5 modules, shifting NAND capacity toward data-center SSDs and building additional advanced packaging capacity in Asia.
Its enterprise SSD revenue has climbed to around $3.09 billion in a quarter after Micron deliberately reduced exposure to lower-value smartphone and retail storage. The company is now qualifying 245-terabyte QLC drives and selling PCIe 6.0 products for AI servers.
No other major supplier has improved its position this quickly across HBM, server DRAM, NAND and enterprise storage at the same time. Micron remains third overall, but the gap now looks competitive rather than permanent.
If you want more recent data on this point, please see our latest semiconductor industry report.
Who leads ordinary DRAM today, outside HBM?
Samsung currently leads conventional DRAM, including the server memory, PC memory and mobile memory sold outside HBM.
TrendForce estimated that Samsung generated $37.32 billion of DRAM revenue in the latest comparable quarter. SK hynix produced $27.98 billion and Micron $21.75 billion.
Samsung’s revenue rose 93% from the previous quarter. SK hynix grew 63%, even though it shipped the highest proportion of HBM among the three companies.
That unusual result came from pricing. Conventional DRAM prices jumped much faster than contracted HBM prices during the quarter. Samsung had greater exposure to ordinary server DRAM, so it captured more of the sudden price increase.
Samsung also had the highest server DRAM revenue contribution. Large cloud companies are currently buying high-capacity DDR5 modules alongside HBM because an AI server needs memory for its CPUs, accelerators, caches and data-preparation systems.
This wider demand helps Samsung. The company can supply HBM, DDR5, LPDDR, SOCAMM modules and mobile DRAM from the same broad product organization.
SK hynix remains exceptionally strong in premium AI memory. Across conventional DRAM as a whole, Samsung has retaken a clear lead.
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Who leads NAND flash and enterprise SSDs now?
Samsung leads both NAND flash and enterprise SSDs today, giving it the strongest storage business among the major memory companies.
TrendForce estimated Samsung’s latest quarterly NAND revenue at $13.51 billion, more than $5.9 billion ahead of SK hynix and Solidigm. Samsung’s revenue more than doubled from the previous quarter as pricing rose and server shipments increased.
Samsung also produced around 38% of the enterprise SSD revenue generated by the five largest suppliers. Its $7.05 billion total was roughly 52% higher than the SK hynix group’s and more than twice Micron’s.
The company improved supply by moving more products to 236-layer NAND while shipping large volumes of 176-layer QLC drives. Cloud providers nearly doubled their requested procurement during the quarter, and Samsung was better able than rivals to respond.
SK hynix has a credible second-place position through Solidigm. Solidigm specializes in very high-capacity QLC SSDs, while SK hynix adds higher-performance TLC products. That combination works particularly well for AI inference, where systems need both speed and large data stores.
Kioxia remains one of the strongest pure NAND manufacturers, with roughly 14% of NAND revenue. Its lack of DRAM and HBM removes it from the overall memory-chip crown, since modern AI systems depend on all three layers.
Samsung’s storage lead is substantial. It produces the NAND itself, builds the controllers and sells the finished enterprise drives at a scale no competitor currently matches.
Which company manufactures advanced AI memory most reliably?
SK hynix still has the best proven manufacturing record in advanced AI memory.
Samsung currently advertises the fastest commercial HBM4 specifications. Micron has the quickest recent HBM ramp. SK hynix earns the manufacturing crown because it has repeatedly turned difficult HBM designs into high-volume products.
Stacked memory introduces problems that ordinary DRAM does not face. Thin dies can bend, heat accumulates between layers, and one defective component can ruin an entire stack. Yields become harder to protect as manufacturers move from eight layers to 12 and then 16.
SK hynix developed its molded-underfill process to control warping and improve heat transfer. It used that approach through several HBM generations while increasing production fast enough to serve the world’s largest AI-accelerator programs.
The result appears in market share. SK hynix has remained above half of global HBM revenue even after Samsung and Micron became much stronger competitors.
The latest development also supports its position. SK hynix has already delivered 12-layer HBM4E samples to major customers, moving directly into the generation after HBM4 while current production is still ramping.
Samsung’s HBM4 launch may eventually prove that its earlier HBM3E difficulties are fully resolved. We need several quarters of large shipments before giving Samsung the better execution record.
If you want more recent data on this point, please see our latest semiconductor industry report.
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Which memory chipmaker has the strongest AI customers?
SK hynix still has the strongest AI-memory customer position, although Nvidia now has three credible HBM4 suppliers.
SK hynix built its advantage during the HBM3 and HBM3E generations, when it supplied a large share of the memory used with Nvidia’s leading accelerators. That history gave the company experience with Nvidia’s packaging, power, thermal and production requirements.
The relationship continues with HBM4 and newer server-memory products. SK hynix has recently shown HBM4 and SOCAMM2 alongside Nvidia’s Vera Rubin systems, while the two companies are also discussing future customized memory.
However, Nvidia is clearly avoiding dependence on one supplier. Samsung says its HBM4 is designed for Vera Rubin, and Micron is already shipping HBM4 for the same platform.
Samsung has also strengthened its position with AMD. It is the planned primary HBM4 supplier for AMD’s next Instinct accelerator and already supplies HBM3E for the current MI350 series.
Micron has taken a different route by signing multi-year agreements that cover prices, volumes and supply commitments with major customers. These contracts make future revenue easier to plan and give customers greater confidence that Micron will reserve capacity for them.
SK hynix retains the deepest AI-memory relationship today. Its edge now comes from accumulated experience and production history rather than an exclusive hold on Nvidia.
Is SK hynix too dependent on Nvidia and HBM?
SK hynix is more exposed to Nvidia and HBM than Samsung or Micron, yet the concentration still helps the company more than it hurts.
HBM generates higher prices and margins than conventional DRAM, so selling more of it has been extremely profitable. SK hynix’s product mix placed it at the center of the fastest-growing part of the semiconductor market.
The risk is obvious. A failed qualification, a delayed Nvidia platform or a large loss of customer share could affect several billion dollars of revenue. Samsung can absorb that kind of problem more easily because it sells more mobile DRAM, ordinary server memory, NAND and finished SSDs.
As seen above, SK hynix still earns more than half of global HBM revenue. Such a large position creates customer concentration, but it also gives the company production data, packaging knowledge and cash that smaller suppliers cannot reproduce quickly.
SK hynix has also been broadening its business. It is the second-largest DRAM producer, owns Solidigm, sells high-capacity enterprise SSDs and is ramping LPDDR6, SOCAMM2 and 321-layer QLC NAND.
The company would become vulnerable if HBM demand weakened sharply or if Nvidia shifted most future orders elsewhere. Neither change is visible today. AI companies are asking for more memory, and Nvidia is adding suppliers while continuing to work with SK hynix.
We therefore treat the concentration as a reason to keep Samsung close in the ranking, rather than a reason to remove SK hynix from first place.
If you want more recent data on this point, please see our latest semiconductor industry report.
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Which memory chipmaker is making the most money now?
Micron currently wins the latest operating-margin comparison.
Micron reported $41.46 billion of revenue and $33.32 billion of operating income in its latest completed quarter. That equals an operating margin of 80.4%, up from 23.3% one year earlier.
SK hynix reported a 72% operating margin in its latest available quarter. Revenue reached 52.58 trillion won, while operating profit climbed to 37.61 trillion won.
Samsung’s Device Solutions division reported an operating margin of about 66% in its latest fully detailed quarter. That division includes memory, foundry and logic chips, so it does not offer a clean comparison with Micron or SK hynix.
Samsung has since issued much stronger preliminary company-wide figures, but the detailed memory breakdown has not yet been published. We should not pretend that the consolidated number represents memory alone.
Reporting periods also differ. Micron closed its quarter later, after additional DRAM and NAND price increases had reached customer contracts. TrendForce recorded enormous sequential price gains during this period, so part of Micron’s margin advantage comes from timing.
Micron still deserves the current lead. An 80% operating margin across a company its size reflects an extraordinary mix of pricing, product quality and cost control.
| Company | Latest comparable revenue | Operating profit | Operating margin | Comparison problem |
|---|---|---|---|---|
| Micron | $41.46B | $33.32B | 80.4% | Reported later in the price cycle |
| SK hynix | KRW 52.58T | KRW 37.61T | 72.0% | Earlier reporting period |
| Samsung Device Solutions | KRW 81.7T | KRW 53.7T | About 65.7% | Includes foundry and logic |
Which memory chipmaker can invest enough to stay ahead?
Samsung can spend the most, while SK hynix has lately used its investment more effectively in HBM.
Samsung’s advantage comes from scale and vertical integration. The company can develop DRAM, manufacture the HBM logic base die, handle advanced packaging and fund new factories within the same semiconductor group.
That combination is becoming more valuable. Future HBM products will use increasingly customized logic, packaging and thermal designs. Samsung can coordinate those pieces internally rather than relying entirely on outside foundries.
SK hynix has directed investment toward the areas driving current shortages. It is ramping its M15X facility, preparing the Yongin manufacturing cluster and buying more EUV equipment for advanced DRAM. Its recent margins suggest that those choices have paid off.
Micron is making the largest visible expansion relative to its current size. It expects full-year capital spending of approximately $27 billion. New DRAM factories are under construction in Idaho and New York, while additional capacity is being developed in Taiwan, Japan and Singapore.
Micron also signed a multi-year EUV supply agreement with ASML. That reduces some uncertainty around equipment access as production moves to newer DRAM processes.
Samsung remains best equipped to survive an expensive forecasting mistake. SK hynix currently has the strongest evidence of placing money in the right part of the market. Micron has the clearest path to adding meaningful geographic and production capacity.
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Are CXMT and YMTC close to becoming top memory chipmakers?
CXMT and YMTC are now too large to ignore, but neither company is close to taking the overall memory crown.
CXMT has reached roughly 8% of global DRAM revenue, up from about 3% one year earlier. That makes it the clear fourth-largest DRAM supplier and gives it enough scale to influence prices in China’s PC, smartphone and server markets.
The company has also just raised at least $8.6 billion through a major Shanghai listing. That fresh capital can fund new production lines, process development and an eventual move into HBM.
YMTC has made similar progress in NAND. Counterpoint estimates that its revenue share has climbed from 8% to 13% in one year, putting it close to Micron and SanDisk.
Their near-term effect will be strongest in mature and mainstream memory. Chinese customers have strong reasons to buy local DRAM and NAND, while government support allows both manufacturers to keep investing despite years of losses.
Advanced HBM remains a much harder step. CXMT needs leading DRAM processes, stacking technology, logic base dies, customer qualifications and access to specialized equipment. Export restrictions make several of those requirements more difficult.
The Chinese challenge still changes the strategy of Samsung, SK hynix and Micron. As CXMT and YMTC take more ordinary-memory demand, the established suppliers have greater reason to prioritize HBM, server DRAM, automotive products and enterprise SSDs.
CXMT could become a top-tier DRAM company. It has not yet shown the technology, customer base or product breadth required to become the best memory chipmaker.
Who is best positioned for the next memory cycle?
SK hynix is best positioned if HBM remains the main bottleneck, while Samsung gains the advantage as AI demand spreads across the entire server.
The first phase of the AI boom centered on accelerator training. That favored HBM because GPUs needed enormous bandwidth to move model data quickly.
The next phase includes much more inference. AI agents and reasoning systems repeatedly access models, user context, databases and stored results. This increases demand for ordinary server DRAM, low-power memory and high-capacity SSDs alongside HBM.
The most recent market data already shows this widening. Cloud companies are prioritizing high-capacity DDR5 modules, enterprise SSD demand has nearly doubled, and suppliers are moving consumer-memory capacity toward servers.
TrendForce currently expects server DRAM demand to keep growing faster than available supply into next year. Its outlook for NAND is more mixed, with additional bit output potentially easing the shortage later.
Samsung benefits from that broader picture. It leads conventional DRAM, NAND and enterprise SSDs, has commercial HBM4 and can manufacture logic and packaging internally.
SK hynix has prepared for the same shift through server DRAM, SOCAMM2 and Solidigm’s QLC enterprise SSDs. Its portfolio is narrower than Samsung’s, although it covers the products most closely tied to AI infrastructure.
Micron offers the greatest upside. It has strong products in every layer and more room to gain market share, but it still trails in both overall scale and HBM revenue.
For the next few quarters, HBM remains valuable enough to keep SK hynix ahead. Over a longer cycle, Samsung’s breadth could become the stronger position.
If you want more recent data on this point, please see our latest semiconductor industry report.
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So who is the best memory chipmaker now?
SK hynix is the best memory chipmaker now, although the lead is narrow enough that Samsung could take it back during the HBM4 cycle.
SK hynix wins because HBM remains the industry’s hardest, most valuable and most strategically important product. The company leads that market by a wide margin, has delivered several generations at scale and continues to move early into HBM4E.
Samsung deserves a very close second place. It is larger, leads ordinary DRAM, dominates NAND and enterprise SSDs, and has made a convincing HBM4 comeback with both Nvidia and AMD programs. We would rank Samsung first if “best” meant the broadest or safest memory business.
Micron ranks third, but its current momentum is the strongest. It has already shipped more than $1 billion of HBM4, holds about one-fifth of the HBM market and reports the highest latest operating margin. Another year of share gains could turn the three-company race into an even closer contest.
The final judgment depends on what each company has proved rather than what it has announced. SK hynix has proved that it can dominate advanced AI memory in volume. Samsung has proved that it can lead almost every other large memory category. Micron has proved that it can catch up much faster than the old industry hierarchy suggested.
Today, SK hynix has the strongest combination of advanced technology, production execution, AI customer experience and profitability. Samsung is the most complete memory chipmaker, and Micron is the fastest-rising one.
| Category | Leader now | Our judgment |
|---|---|---|
| Best memory chipmaker overall | SK hynix | Leads the product currently defining the industry |
| Best HBM supplier | SK hynix | 58% revenue share and repeated volume execution |
| Biggest memory manufacturer | Samsung | Leads DRAM, NAND and enterprise SSDs |
| Most complete portfolio | Samsung | Strong across nearly every major memory layer |
| Best latest financial momentum | Micron | Highest reported margin and rapid revenue growth |
| Fastest-improving challenger | Micron | HBM4, DRAM and data-center storage are all advancing |
| Company most likely to take the crown next | Samsung | HBM4 recovery plus unmatched breadth |
OUR METHODOLOGY
This analysis tests which company deserves to be called the best memory chipmaker today. We compare Samsung, SK hynix and Micron across HBM, conventional DRAM, NAND flash, enterprise SSDs, manufacturing execution, major AI customers, financial performance, investment capacity and preparation for the next product cycle.
There is no single metric that settles the question. Samsung remains the largest and broadest manufacturer, SK hynix leads advanced AI memory, and Micron has recently delivered the fastest improvement. We therefore separated the overall question into the dimensions that most clearly distinguish the three companies.
We gave the greatest weight to demonstrated commercial execution. Products already in mass production, sustained revenue share, completed customer shipments and reported financial periods counted more than samples, performance targets, proposed factories or future capacity announcements.
Market-share comparisons rely mainly on independent industry trackers so that each supplier is measured on a consistent basis. Company disclosures are used for product specifications, manufacturing milestones, customer programs, capital spending and reported financial results.
HBM receives more weight than its share of total memory revenue because it is currently the most technically demanding and strategically important memory product. That weighting is why SK hynix can rank first overall even though Samsung remains larger across DRAM, NAND and enterprise storage.
We do not treat every reported margin as perfectly comparable. The companies use different fiscal calendars, memory prices changed quickly between reporting periods, and Samsung’s Device Solutions division includes foundry and logic operations as well as memory.
The final ranking is not a mechanical average. We first identified what each company has already proved, then judged how important those advantages are to the memory market now and how durable they appear as demand expands from accelerator training into inference, server DRAM and enterprise storage.
Key sources used for this analysis include: TrendForce’s latest global DRAM revenue and market-share comparison, TrendForce’s previous-quarter DRAM analysis and AI-inference outlook, TrendForce’s latest NAND supplier comparison, TrendForce’s enterprise SSD revenue tracker, TrendForce’s earlier enterprise SSD comparison and Solidigm analysis, and TrendForce’s research on HBM supplier dynamics and the HBM4 cycle.
First-hand product and company sources include: Samsung on commercial HBM4 production and performance, Samsung on HBM4 for Nvidia Vera Rubin and its HBM4E roadmap, Samsung and AMD on their next-generation AI-memory collaboration, Samsung on its first HBM4E customer samples, and Samsung’s semiconductor financial results.
Additional key sources include: SK hynix on its 12-layer HBM4E samples and MR-MUF manufacturing process, SK hynix on its multi-year technology partnership with Nvidia, SK hynix’s current financial and business disclosures, Micron on high-volume HBM4 production for Nvidia Vera Rubin, Micron’s latest quarterly results and HBM4 progress, Micron’s previous-quarter results, Micron’s server-memory and enterprise-storage roadmap, and The Associated Press on CXMT’s Shanghai listing, capital raise and position in DRAM.
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