A week ago it was a technical bear market—today it directly jumps 10%: is this market crazy?

Last week, when the new model from Moon of Darkness was released, global chip stocks immediately panicked—“AI compute demand will drop,” “the GPU bubble is about to burst.” Bears rushed in. SK Hynix fell nearly 25% from its peak, and the Korean market overall was almost sliding into a technical bear market.

Last week, Goldman Sachs was still issuing a proper report, recommending that investors reduce AI trading exposure.

So what happened? Today

KOSPI surged 5.85%, hitting 7,100 points during the session. SK Hynix rose more than 8.7%, and Samsung Electronics rose more than 5.6%. The Korean exchange even triggered a circuit breaker—this is the 20th time this year that buy-side automated program trading has been paused.

Within a week, it went from “AI is over” to “up more than 10% in a single day.” Bears were collectively pinned to the ground, and position-covering piled in like an avalanche.

That Goldman Sachs report became a precise contrarian indicator.

Is this kind of volatility normal? Normal my ass.

This isn’t normal price discovery—this is a sign that the market pricing mechanism has completely gotten out of control.

Think about it: why were bears willing to go heavy a week ago?

Because Moon of Darkness really did cast doubt on the “infinite compute demand” story. Korean stocks pulled back nearly 25% from their highs, which looked like a trend reversal. Bears thought the timing and conditions were perfect and loaded up, betting that the AI tide was going out.

Then what?

The US stock Philadelphia Semiconductor Index rose 5.21% overnight. As soon as Asian trading opened, dip-buying flooded in. Bear positions were too concentrated—record-high short positions, when the price reversed, got squeezed one after another, like a theater fire where everyone fights for a single exit.

So from a “technical bear market” to “a squeeze-driven surge of more than 10% in one day,” it only took two days.

This shows the market never formed stable consensus on the AI narrative. When it goes up, it rockets; when it drops, it plunges. It’s all position warfare—pure emotion amplification.

AI storage and AI-compute-related crypto assets were smashed in the last round along with chip stocks, and the sentiment got drained. Today’s big bullish candle in chip stocks is like a shot of adrenaline for the AI narrative.

If this week the tech giants’ earnings report—especially their capital expenditure guidance—can confirm that AI infrastructure build-out is still accelerating, then this round of short covering won’t be a short-lived pulse, but the first step in a trend repair.

Conversely, if the giants say they plan to slow down buying GPUs, then today’s surge is nothing more than a pack of shorts stomping on each other. #GUSD年化升至3.8% #事件合约上线 #夏日创作营 $SKHY $SNDK $MU