Hook Over the past 7 days, a protocol lost 40% of its liquidity providers. No, not a DeFi pool — SK Hynix, the world’s dominant HBM manufacturer, saw its market cap evaporate by nearly USD 15 billion in a single after-hours session. The trigger? A profit miss of less than 2% against consensus. The market’s reaction was not irrational. It was a structural de-risking of a single-asset bet that had grown too concentrated. When the only game in town becomes the only game in town, the exit door narrows faster than the entry ramp. This is the first real stress test of the AI-era memory super-cycle.
