We met with memory distributors, manufacturers, customers,and traders in Asia. Despite concerns, memory is still gettingbetter, pricing is stronger, and earnings are rising well pasthistorical peaks. We raise estimates and PTs for Samsung andSK Hynix and see earnings power lifting the stocks.    Memory economics are still improving: DRAM pricing should remain at highlyprofitable levels through 2018. 4Q pricing is moving higher, driven by unfulfilleddemand accelerating at mobile customers getting back to seasonal strength. Thispricing strength could extend to 1Q18 because of a late iPhone 8 ramp, and anycorrection is likely to be short-lived during 2018. Improved NAND yield ratesshould meet very strong demand as iPhone takes up a very large supply in 4Q. Amodest seasonal 1H18 oversupply should quickly turn to balance from 2H18 inview of strong price elasticity for NAND.    Five recent developments:

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