The bubble was always in the chips, not in the hyperscalers buying them. The AI unwind has arrivedJust six weeks after Korea’s AI frenzy reached its peak, one of the world’s most crowded trades has undergone a violent reset. Valuations have compressed, leverage has been unwound and momentum has collapsed. The question is no longer how far the unwind can go, but whether enough excess has now been flushed from the system. AdvertisementSource: LSEG Workspace