• Rotated out as extreme price movements and valuation metrics suggest better opportunities elsewhere • Recent price action shows concerning volatility with a 23% drop following Q3 results and another 8.8% decline on Bain Capital’s ¥355 billion ($2.3B) share sale announcement • Despite 536% 12-month return, the stock has pulled back to 72% of its 52-week high, with negative 1-week performance (-3.33%) • Current valuation appears stretched with P/E ratio of 31.9 and price-to-book of 6.9, while trading ~22% above InvestingPro fair value estimate • Fundamentally supported by growing AI-driven memory demand and planned US-Japan joint manufacturing venture, but Q4 guidance disappointed (¥120B operating profit vs ¥150-180B expected) • This change reflects portfolio rotation, not a sell signal