But let me be clear: This is not the end—this is just the warm-up for a panic sell-off.

The short-selling main force has already completed its chip accumulation and position build-up. SK Hynix is about to face a real cliff-like major downward wave. This wave of tech stock valuation compression will indiscriminately transmit to the crypto market. The upcoming market conditions are extremely dangerous.

1. The AI mega-narrative has completely collapsed, and the storage bull market logic is in total ruin.

The core logic behind this global bull market in AI, tech, and computing assets has been one simple story: infinite expansion of AI computing demand, perpetual shortage of HBM memory.

Riding on this story, SK Hynix surged all the way, lifting global tech assets and supporting the premium of all AI, computing, and hardware-themed tokens in the crypto space.

But recently, the fundamental core has directly reversed, and the logic has completely collapsed:

Nvidia’s next-generation GPU shipment expectations have been consistently downgraded, directly confirming that the AI growth increment has fallen short of the bubble's expectations. SK Hynix has urgently halted HBM capacity expansion, shifting production back to general memory—this is an official endorsement that the AI storage super cycle has peaked.

Combined with the capacity surplus caused by overexpansion in the previous two years, stagnant sales of end-user electronics due to price increases, and continuous order cuts from downstream clients, the industry has officially entered a negative downward cycle of volume and price double-kill.

The so-called perpetual AI prosperity has been a speculative bubble from start to finish. Now the bubble is beginning to burst, and the sell-off has only just begun. #0成本拿2股SK海力士