00:00We haven't really pinned down what the catalyst is. Is it a multitude of factors or is it one thing
00:03that stands out to you?
00:05Overnight, since the U.S. went home, here's one story, which is primarily coming out of local South Korean press.
00:11And it's talking about Hynix, basically moving some of the focus of capacity to the more commodity end of DRAM
00:20memory,
00:20as opposed to these high-valued, called HBM4 chips.
00:24So if Hynix is increasing capacity in commodity and taking capacity away from these super high-margin, super high-priced
00:33AI chips,
00:34the big question investors are saying is, why is that?
00:37Is there signs that the AI trade or the momentum side of things or the cost dynamics aren't quite as
00:45rosy as they were first predicted?
00:47So this, to pardon a pun, but is this the sort of a canary in the AI chipmine?
00:53That is a question investors are going to have.
00:55And I think it's why the Nasdaq futures have taken a significant leg lower this morning.
01:00So it could put even more pressure on Micron's numbers tomorrow night.
01:03Is it a tech problem or is it just a market problem?
01:05What goes up must come down. We'll talk about SpaceX in a moment.
01:08Yeah, well, it certainly is. These momentum factors, a lot of these momentum names and these baskets are up triple
01:15digits year-to-date.
01:16So we've had huge amounts of rises.
01:19Now, if you look at the MAG7 stocks, they become a funding trade for the semis and the AI on
01:26the other side of the AI trade.
01:28So it's kind of like the AI buyers who are these hyperscalers versus the AI sellers who are the chip
01:34companies selling to them.
01:36There is something going on within this dynamic.
01:38So it's something to watch for when we've got token prices as well that have been coming down quite significantly
01:43from highs when companies like AT&T and Uber have been telling their own employees to slow the spending on
01:50the tokens because costs are getting out of control.
