Thu 17 Sep 2026 - 15:00 BST / 10:00 ET / 16:00 CET

⬥ Too early to buy: mean reversion from semiconductor euphoria could be catastrophic.

⬥ Markets top when earnings are strongest

SK Hynix’s explosive growth is the warning.

⬥ The late-cycle boom points toward excess capacity, price cuts and insolvencies.

⬥ Chip buyers are becoming chipmakers, reducing reliance on premium-priced Nvidia GPUs.

⬥ High operating leverage and stretched valuations leave memory stocks exposed to a sharp reversal.