Hynix’s drop is a bit ridiculous.

After wiping out 14 percentage points in a single day, my first reaction wasn’t stocks—it was that the low-cap coin is running away.
There is definitely bad news:
Operating profit is expected to be 60.4 trillion KRW, up 61% month-over-month and up 556% year-over-year. It sounds huge, but the market was expecting 65 trillion KRW, which is 8% higher.
The reason is also a bit awkward—HBM accounts for too much of the revenue mix, and the ASP increase is actually worse than the market average.
But with a drop like this, it really doesn’t look like it’s just a performance issue.
Leverage is too heavy in South Korea; when deleveraging happens, the market is just this unreasonable.
If you’re bullish on memory, just hold the underlying stock.
For a 2x ETF, once it enters a chop/range, don’t keep forcing it.
This thing can kill you—faster than you can be stubborn with your mouth.