The unwindThe AI trade is no longer just about earnings and capex. In Korea, it has become a story about leverage, positioning and market structure. Those same forces that powered the melt-up are now accelerating the unwind.Because Korea became one of the world's most leveraged expressions of the AI trade, its unwind is offering an early look at how crowded momentum reversals unfold.
The AI Trade Has A Leverage Problem
The AI unwind isn't just about earnings. It's about leverage, options, dealer hedging and forced selling. Korea is showing how crowded momentum trades actually break.








