This was a week of pure vertigo in chip land — a brutal, leverage-fueled crash followed by the most violent reversal anyone's seen, all while the underlying AI demand story never actually broke. Memory stocks got torched on CXMT fears, circular-financing anxiety and a genuinely bizarre SK Hynix 'record profit but stock craters' moment, dragging KOSPI into a historic 33% monthly rout with circuit breakers tripping repeatedly. Then Microsoft and Amazon's earnings flipped the script overnight, memory costs got reframed as bullish proof of scarcity rather than bearish overbuild, and Korea staged its biggest single-day rally ever. Layered on top, a hawkish-but-mumbling Fed hold spooked bonds (30-year at 2007 highs) and Apple's weak guidance stood out as the one true loser amid the chip mania. Net feeling: whiplash, leverage exposed as the real driver of price action, but conviction in the multi-year AI infrastructure supply crunch intact.