This is not a systemic risk release for the U.S. stock market. SPX is still around 7,500, indicating that large-cap funds have not fully retreated.



The market is shifting from "indiscriminately buying AI semiconductors" to "screening who can truly realize profits." SK Hynix's ADR listing is an important catalyst because it provides the market with a new pure-play HBM target and may also divert some funds from MU and other memory stocks.

But if semiconductors still cannot recover after Hynix's listing, it means the problem is not just capital allocation, but that the market is beginning to re-price AI Capex, HBM supply, and semiconductor valuations.

The last dance?
SPX-4.84%
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