quick thoughts pre mkt


Korea had a scare in the early morning when a policymaker floated the idea of redistribution of "gains" from the memory shortage beneficiaries like samsung and SK Hynix. IMO - This is why there is a valuation gap between KR, JP and US equities. Stock and equity holders do not share the same protections that they are afforded in the US.
Aside from that, these comments are probably a first indication that while the AI roll out is indeed REAL. Governments may have to step in to equitise between the "haves" and "haves not". What that means is equity price down.
Overall, i think positioning in memory and semis are very stretched. This doesnt necessarily mean they will go lower, only that if they do go lower, there will be a big unwind. Possible ideas - sell 1x3 put spreads?
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