SK Hynix bears are calling the valuation inflated, but before you make that claim, weigh up the substance behind it—SK Hynix actually manufactures chips. It’s a company with real businesses and products; even if bubbles burst, you can’t smash it down to the floor. When you open up the valuation, it’s also fine that the cycle’s high and low points haven’t been put on display—backing from real enterprises is the hardest anchor. Fundamentally grounded support is what keeps this round of selloff from being able to happen. The contract side is even more of an assist: the active long-to-short ratio tips the scale firmly to the long side, and the buy-side scale is still accelerating in magnitude. The direction is tightly held by the longs; the only ones who are left dragging are those who get thrown off the car—period!!