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SK HYNIX IS CRASHING BUT AI DEMAND IS NOT THE REAL PROBLEM. 🧵 Record earnings could not stop $SKHY and $SKHYNIX from falling because expectations, leverage and ADR premium risk all broke at the same time. 1/ SK Hynix reported record Q2 revenue of KRW 79.3T and operating profit of KRW 60.5T. But revenue and profit still missed extremely high market forecasts. In today’s AI trade, record results were not enough. 2/ Main reasons behind the decline: • Slower-than-expected HBM4 revenue • Concerns about future AI capex • Profit-taking after the Nasdaq listing • Leveraged ETF and margin-call liquidations • Chinese memory competition • No detailed shareholder-return plan yet 3/ Important difference: $SKHY tracks the U.S. ADR. $SKHYNIX tracks the Korean-listed share. One SKHY ADR represents one-tenth of a Korean common share. At the current snapshot, SKHY was still trading at a large premium to the Korean-tracking contract. That premium creates extra downside risk for SKHY. 4/ Key $SKHY levels: Support: $128–$130 Next zone: $118–$122 Premium-compression risk zone: $98–$105 Resistance: $136–$140 Major resistance: $149–$155 Higher targets: $168–$170 and $194–$195 5/ Key $SKHYNIX levels: Support: $950–$1,000 Major support: $850–$880 Resistance: $1,050–$1,100 Major resistance: $1,200–$1,280 Higher resistance: $1,400–$1,500 6/ Recovery timeline: A relief bounce could happen within days. A proper base may require 2–6 weeks. A full recovery toward previous highs will likely take months and require stronger HBM4 shipments, stable AI spending and the end of forced liquidations. This looks more like a violent leverage reset than the end of the SK Hynix AI story but recovery is not confirmed until major resistance is reclaimed. #SKHynixRecordMiss $SKHYNIX $SKHY