SK Hynix earnings missed expectations, triggering another猛烈 sell-off in Asian tech stocks, turning the market into a bloodbath.

The "small essay" about the mass production of China's DUV lithography machines is not the root cause of the U.S. stock market decline.

当超大规模云厂商的算力订单积压从5,000亿美元涨到2万亿美元时，说这是泡沫需要更强的证据。

Looking ahead, there are no signs of weakening advertising demand. The real focal point is whether the intensity and pace of AI investment can be reined in.

A near-perfect earnings report was overshadowed by the market's pre-written "super-perfect" expectations.

Capital expenditure is not slowing down

The DS division captured 99% of the company's total profit, HBM4 has achieved mass production and took the lead in shipping HBM4E samples, fully reaping the benefits of the AI super cycle.

Searching for AI monetization avenues.

JP Morgan: Liquidation Process for Korean Stock Leveraged ETFs Complete, Hedge Funds 90% De-leveraged.

"We are about to build a magic lamp that can grant any wish. But the concentration of power brought by AI is a terrifying thing."

Beyond the Balance Sheet: The $2 Trillion Bet Hidden by 7 Tech Giants

$3.5 billion in funding and a $35 billion valuation – that’s the answer from the capital markets.

The current technical picture hasn't been cleared yet, and leveraged funds are amplifying the decline. The market fears this could be the beginning of a global repricing of AI assets from high valuations, and vigilance is needed against the correction spreading to other markets.

Can AI Tokens That Peak at Launch Make a Comeback?

The long-term demand logic for chip stocks (AI-driven) remains intact, but medium-to-short-term macro headwinds (geopolitics, oil price volatility, profit-taking) are suppressing valuations.

The disconnect between fundamentals and expectations.