Today, we need to discuss the sell-off in AI and memory stocks, including sharp declines in Korean equities and SK Hynix despite insane earnings. We also cover the fragility of leverage-driven markets, China’s memory industry, and the outlook for continued AI-related demand for chips and infrastructure. ------ 🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒 https://developers.ledger.com/docs/ai-tools/overview/?utm_source=Audio&amp;utm_medium=Podcasts&amp;utm_campaign=Limitless ------ 🌌 LIMITLESS HQ ⬇️ EMAIL US: info@limitless.fm NEWSLETTER: https://limitlessft.substack.com/ FOLLOW ON X: https://x.com/LimitlessFT SPOTIFY: https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ APPLE: https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890 RSS FEED: https://limitlessft.substack.com/ ------ TIMESTAMPS 0:00 Memory Stocks Crash 3:52 Why SK Hynix Is Dumping 7:02 Leverage Fuels the Selloff 8:30 China’s Memory Surge 12:00 ASML Rival Panic 15:47 AI Money Shifts Upstream 17:23 Open Source Misconceptions 18:56 GPUs Need More Memory 21:04 Agentic AI Drives Demand 23:08 What Investors Should Do ------ RESOURCES Josh: https://x.com/JoshKale Ejaaz: https://x.com/cryptopunk7213 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

The Memory Selloff: Record Profits, Collapsing Stocks

Limitless: An AI Podcast

The U.S. stock market just lost more money than we did in the 2008 financial crisis over a matter of seemingly a couple of days. It's been the worst memory crisis, the worst stock market crash in quite some time because the numbers have gotten so high. Memory has run up to astronomical levels. But what's interesting here is this is backed up against some counterfactual evidence. SK Hynix, that Korean company that could seemingly do absolutely no wrong, they recorded more profit than they did revenue this last quarter. So the numbers are great.

But the stock market is saying, wait a second, something's not right here. So we have some insight in this episode. We're going to unpack this, why the market is reacting the way it is and evaluating whether or not it's right or if it's a pretty serious overreaction. I'm currently sitting in the middle of a hotel in the middle of nowhere on some spotty Wi-Fi trying to get this episode out to you guys because I mean, this is an incredibly important topic. This feels very timely and important to navigate. So Ejaz, let's unbundle what's happening here in the market. I mean, worse than 2008 is crazy.

Yes. So I'm seeing a lot of commentary in the markets right now, which is the AI bubble is finally popping. It's unwinding. It's been happening for four weeks. The Korean stock index itself is down over 30%, which is just the largest drawdown that I've ever had. And so I want to explain what the damage is. And then let's get into whether this is right or wrong, because I honestly have some pretty strong opinions as to why this is completely wrong and why it's like one of the bigger opportunities right now....

The Memory Selloff: Record Profits, Collapsing Stocks

Read the full transcript

The candid version is on a podcast,
not the earnings call.

The Memory Selloff: Record Profits, Collapsing Stocks

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.