Post KRX close - 13 Jul

$0660 rounded off the day down 15%. This is the largest drawdown for $0660 this year since the start of the memory cycle. Early in the AM, a brokerage downgraded $0660, believing it will miss revenues on lower ASPs since $0660 has a higher mix of HBMs that are also locked in LTAs. Logically, this should finally make $0660 less cyclical and improve the PE ratio that investors are willing to pay. The market's reaction is however reflective of the fear and the overweight positioning in $0660 as it sold $0660 in a furious storm. Looking out, i see 1.85m KRW and 1.6m KRW as good levels of support. On a longer horizon, markets mean revert and big liquidations like this tend to resolve faster than slow boils.
US equities on thin over night trading are lower by about 5%, which is very strong for the decimation we saw in $0660 today.
For those who are leveraged, consider reducing leverage. After all, if this is a AI supercycle, all you need is survival.
Let's watch how US unfolds!