#0成本拿2股SK海力士 Four Layers of Deep Collapse Logic (Not Just One News, But a Concentrated Clearing of Multiple Bubbles)

1. Narrative Faith Collapse: From "AI Growth Stock" Demoted to "Traditional Cyclical Stock"

Previously, SK hynix's core valuation story was: breaking free from the memory cycle, a pure AI high-barrier growth asset, with HBM locked in price and capacity for the long term, and sustainable upward profits.
But slowing down HBM4 expansion = personally overturning the narrative:

• No longer going all in on the AI track, returning to a traditional memory manufacturer that fluctuates with DRAM prices;

• Implying that the tight balance of HBM supply and demand is marginally loosening, and will gradually decline from ultra-high gross margins in the future, with the extreme profit margin of 70%+ being unsustainable;
Funds instantly kill the valuation, with high-growth PEs directly discounting to cyclical stock PEs for reassessment.