CRWV/short
When everyone is crowded into the AI story, the most levered, story-dependent name unwinds first as sentiment fades.
And the fact that everyone, and I mean everyone everywhere, is talking about AI adds a level of caution to anything dependent upon that story continuing.
Peak+27.2%
EWY/short
Samsung and SK Hynix drive 50% of KOSPI on an AI infrastructure bet that may be peaking.
Today, Hynix and Samsung are about 50% of the index…and their earnings depend on a bet that AI infrastructure keeps booming. KB Securities calls this “a textbook feature of a late-stage bubble”: narrowing leadership, concentration in a few names, retail money piling in behind them.
Peak+11.5%