The problem is that “slightly less” is not embedded in anyone’s assumptions...
PremiumAfter a highly volatile overnight session, with Japan's Nikkei down close to 3.5% and South Korea's KOSPI declining approx 10% led by a roughly 13% drop in SK Hynix, Goldman's One-Delta desk-head, Rich Privorotsky, says the memory trade appears to be hitting a structural snag.Technicals/Risk
...supply is becoming increasingly difficult theme to ignore in equities.
Said another way, systematic re-risking is largely maxed out and sizeable supply opens up if we break lower from here...
"If the news turns cracks into a crevice and market leadership shifts, this could turn into a much deeper selloff as the worst…
"The key isn’t using less AI, but routing... the first instinct may not be to accelerate CapEx... it may be to pause and…
...reinforces the market’s growing awareness that some of the recent upside was not purely discretionary fundamental buying, but…
Chasing beneficiaries at peak earnings feels dangerous...
