an absurd dream, an intellectual activity within a dream

an absurd dream, an intellectual activity within a dream
Freud often appears in our dreams as if the dead person is alive, acts, and is surprised to stay with us, adding bizarre explanations. We can clearly see how ignorant we are with our dreams. These dreams are simply explained, and we often think of these thoughts whenever something happens, asking what my father would say if he were alive. A dream can only describe such an event as occurring in a specific situation. For example, if a young man who inherited a large inheritance from his grandfather is accused of wasting a large amount of money, he will come back to life and ask for a response. What we think is a protest against a dream, that is, the person we raise because we are well aware that the person is already dead, is actually a consolation that the dead person does not know it, or a satisfaction that we can no longer intervene.
Freud contributes to the depiction of suppressed thinking, which he wants to argue that another kind of absurdity found in the dreams of dead families is an extreme rejection, something that is impossible, rather than an expression of ridicule and contempt. Dreams do not distinguish between estrangement and reality.
Freud says that dreams about loved ones who have passed away typically pose esoteric tasks to dream-interpretation, but they cannot always be satisfactorily solved. The reason can be found in the extraordinarily strong emotional 二律背 that governs the relationship between the dead and the dreamer. The dreamer's interest rate is when the dreamer does not recall the fact that the dead has passed away in the dream, and the dreamer identifies himself with the dead. To dream about one's own death, however, suddenly thinking or being surprised by "that person died a long time ago" is a protest of this commonality and a rejection of the death of the dreamer.

■ Investment points and conclusions
- Micron said in its last earnings call that the 2024 HBM Capa was sold out, and most of the 2025 Capa was also allocated. Recently, Micron's HBM3EM/S is expected to expand from 10% to 25-30%, which will contribute to the company's order momentum and earnings growth
- On April 11, 2024, the company announced a contract from Micron in the United States to supply the Dual-TC Bonder Tiger, a production equipment for the HBM3E worth about W22.6 billion. The company's Dual-TC Bonder Tiger is an equipment optimized for global semiconductor customer trends
- In July 2022, the company first received an order for Dual TC Bonder for HBM3 to SK Hynix worth 2.3 billion won. In comparison, considering that the contract amount of Dual TC Bonder for Micron-scented HBM3E, which the company received for the first time in April 2024, is larger, the company's benefit from Micron's M/S expansion is expected to be even greater

■ The U.S. wants HBM
- Through the company's Micron order, we were able to reaffirm the US administration's willingness to secure 'Made In USA' AI chips in the US. Since HBM is used in AI and HPC applications, the US produces it in the US, and as shown in <Figure 2>, there is a strong willingness to secure infrastructure other than advanced packaging-related R&D. Accordingly, as shown in <Figure 3>, the role of Micron as well as SK Hynix within the TSMC Memory Alliance is becoming important, and the momentum for the company's future orders for Micron will be very large.
- As the company has consistently mentioned since February, the U.S. Department of Commerce has proposed a 55-layer HBM roadmap by 2035 and is committed to building Supply Chain over the next five years. According to the U.S. administration's On-Shoring strategy, the company's Dual-TC Bonder demand will gain a high market monopoly from HBM3E along with a technical advantage
- Currently, in order to implement 12Hi and 16Hi HBM, the demand for Dual-TC bonders is expected to increase further. In the case of HBM4/4E, since the process is more complicated than HBM3E, the demand for Dual-TC bonders is expected to increase further

■ Strong Dual TC Bonder Technical Leadership → Beyond BESI towards DISCO
- 1) TSMC's 'new alliance' movement as an AI HBM coalition is expanding in the United States. 2) Micron's role as an axis of memory alliance following the establishment of the Advanced Packaging Roadmap and the U.S. administration's Supply Chain to support this policy. 3) The increase in the number of stacks/TSVs due to the increase in the Power & Bandwidth for HBM4/4E implementation beyond HBM3E is very favorable to the company. Accordingly, the company's target price is KRW 260,000 with a 10% discount on DISCO's 12M Trailing P/E 79.9x

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