This week was an investor nightmare come true: the boogeyman is finally here, and the AI trade unwound. Situational Awareness (SA) is a hedge fund run by ex-OpenAI upstart Leopold Aschenbrenner whose entire view on the AI trade is “hyper-bullish” to put it mildly. The Fuse Was LitIn this supercycle, it is clear that memory investors are most skittish because of the rapid rise of profitability in the big-3 memory companies. This caused a massive unwind in the Korean market causing SK Hynix stock to have one of the greatest drops in Korean stock market history. The KOSPI index plummeted, and the Korean stock market had to limit short selling / hedged bets to even stabilize the carnage.