【Livestream Clip 1｜Ross Dong: AI Memory Down—Is the Thesis Broken?】
【LIVESTREAM RECAP｜Inside the AI Memory Boom: Opportunities and Challenges for SK hynix】
Hi Tigers! In this session we zoomed in on one of the hottest — and most debated — trades right now: AI memory. From the recent pullback in Korean and US memory stocks, to the core question of "is this a top, or just halftime in a longer bull market," all the way to the HBM supply gap, KOSPI valuations, Korea's macro fundamentals, and how open-source AI models are reshaping memory demand — the flow was layered and packed with substance. Ross doesn't dodge the sharp question of "is the AI thesis broken"; instead he unpacks it piece by piece with data, fund flows and industry cycles.
Full replay 👉 Inside the AI Memory Boom: Opportunities and Challenges for SK hynix
【About the Guest】
Our speaker, Ross Dong @Ross_Macro_Trading,, is a founding partner at Morning Cloud Asset Management, specializing in macro trading and US equities. He spent over 15 years as an equity trader at firms like JP Morgan and KCG, and holds a degree in applied mathematics from Columbia University. Ross is known for spotting secular growth trends early; today he manages over $30M in AUM and leads a community of 15,000+ members. What makes his perspective unique: he blends top-down macro logic with bottom-up stock selection, thinking about both industrial/technological cycles and monetary/financial cycles.
【Highlights】
1. Top or halftime: why Ross sees this as a "short-term top and healthy correction," not the end of the AI bull market.
2. Four signals behind the pullback: from hyperscalers leasing compute, to OpenAI's delayed IPO, to capital flowing out of US tech.
3. The HBM supply gap: why capacity expansion for advanced memory still lags structural AI demand.
Live Recap:
Live Recap 1: Why the Memory Selloff Is a Buying Opportunity, Not the End of the Cycle
Live Recap 2: Korea's Macro Backdrop — GDP, Valuations, and Capital Flows Behind the KOSPI Story
Live Recap 3: Inside the Memory Supercycle — NAND, DRAM, and the AI Compute Shift
Live Recap 4: SK Hynix in Focus — Q&A Highlights on Timing, Risk, and Embracing AI
【THIS CLIP】
This clip tackles the question everyone's asking head-on: AI memory sold off — is the whole AI thesis broken? 📉 Ross's answer is clear — he reads the pullback since late June as a "short-term top," not the end of the bull market, with the long-term thesis still intact and only stretched valuations needing time to reset. What makes it worth watching: he doesn't stop at a conclusion — he shares how he actually trimmed positions after Micron's earnings and where he'd rebuild. A calm framework for anyone tempted to panic.
We genuinely recommend watching the full replay — many overlooked details (like the rebalancing pace of Korea's NPS, KOSPI's 12-month forward PE dropping to its lowest range in 20 years, and the exact timing of passive ETF inflows) live in the full version. And stay tuned for our upcoming community livestreams — let's keep filling in the gaps and learning together.
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(For education only, not investment advice.)
Full replay 👉Inside the AI Memory Boom: Opportunities and Challenges for SK hynix
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
I also found the discussion on the HBM supply gap insightful. As AI models continue to grow, advanced memory remains a key bottleneck. Despite short-term volatility, I believe the long-term demand for HBM and high-performance DRAM remains strong.
My biggest takeaway is to separate price action from business fundamentals. Rather than reacting emotionally, I prefer to focus on industry trends and supply-demand dynamics. Corrections often create opportunities for patient long-term investors.
$Micron Technology(MU)$ $SK hynix(SKHY)$
@TBlive @TigerStars @Tiger_comments @TigerClub @rL @koolgal @icycrystal @nomadic_m @Universe宇宙 @1PC @GoodLife99
It is good to know that the AI memory thesis remains strong. Ross Dong also said that the recent corrections in $SK hynix(SKHY)$ represent a technical shakeout rather than a structural failure.
The increased demand from Agentic AI and long term high bandwidth memory or HBM still remains and this current selloff presents a great opportunity for long term investors like me to buy and hold memory stocks like SK Hynix and $Micron Technology(MU)$ .
I have enjoyed watching this Livestream clip and look forward to more great sessions like this to improve my knowledge and skill in trading. Thank you @TBlive for presenting this clip.
@TBlive @Tiger_comments @TigerStars @Tiger_SG
罗斯认为，自6月下旬以来的下跌属于“短期顶部后的健康修正”，长期逻辑依然成立。核心原因在于，AI算力需求仍在增长，而HBM先进存储器的产能扩张速度，暂时还跟不上结构性需求。
比较值得关注的几点：
美光财报后，部分资金选择止盈，短期情绪明显降温；
HBM仍存在供应缺口，AI服务器对高带宽内存的需求没有消失；
KOSPI估值处于历史低位，韩国市场仍可能受益于全球资金再配置；
SK海力士的长期机会仍在，但短期需要警惕高估值、行业扩产和需求不及预期。
我更认同一种思路：不要把每次回调都理解为趋势结束，也不要因为长期看好就忽视买入价格。真正重要的，是判断需求有没有被破坏、供给是否快速过剩，以及估值是否重新回到合理区间。
AI内存的故事可能还没有结束，但接下来市场会更加挑剔。
你认为这轮回调是买入机会，还是内存周期见顶的信号？
（仅为个人学习记录，不构成投资建议。）