Stop hyping the so-called storage cycle reversal—first, take a look at the pathetic state of the Korean stock market.

The KOSPI index has already fallen more than 20% from its peak.

This crash isn't because AI is failing, but because the leverage has snapped.

In a bid to compete for business, South Korea's financial regulators allowed over a dozen 2x leveraged ETFs to be listed, only to face a violent market reversal in early July.

Originally, everyone was bullish on SK Hynix because it held HBM in its hands.

At the time, it seemed like a sure bet—after all, AI servers simply can't run without storage.

But reality delivered a resounding slap in the face.

Hynix and Samsung led the sell-off, and those 2x leveraged ETFs directly dragged down the underlying stocks.

13 products fell below their issue price, and the situation spiraled out of control.

The government is now talking about exploring ways to reduce volatility, even considering forced delistings—why didn't they step in earlier?

I never expected that retail investors in Korea could turn these blue-chip stocks into penny stocks with their leverage.

A market with daily 20% swings is no longer investing—it's pure gambling.

There's a reason Koreans sleep so little—who could sleep soundly while stuck in a casino like this? 😺