Yesterday, the smart money made profits from the flash crash in Korean stocks. Today, it's trading on the theme of strong earnings losing their impact. SK Hynix posted record-breaking Q2 profits, yet its stock price dropped nearly 9% at one point. Samsung previously forecasted operating profits to grow about 19x year-over-year, but its stock still closed down 6.9%. The issue isn’t poor current performance—it’s the market starting to lower expectations for sustained AI investments, high memory demand, and valuation expansion. Yesterday, I noticed: smart money account 0xebe1…a14070 allocated 98.99% of its position to shorts, primarily shorting SK Hynix and Samsung Electronics, while also holding Brent crude oil shorts. The reasoning at the time was: this isn’t just betting against one stock—it’s trading the resonance of Korea’s AI hardware chain being overvalued + global risk appetite cooling off. Today, the data confirms it. Unrealized profits: $8.15M → $13.055M, an increase of $4.905M in one day. Breakdown: - SKHX short: $41.18M in value, unrealized profit of $9.7874M - SMSN short: $5.43M in value, unrealized profit of $779.6K These two Korean chip shorts contributed 81% of the unrealized profits. More importantly, the account didn’t just sit on yesterday’s positions. This morning, it partially closed SKHX and SMSN shorts to lock in profits, then reopened 6,656 SKHX shorts in the $970–$978 range, with a nominal value of $6.475M. The trading rhythm is crystal clear: - Lock in some profits during the drop, - Reopen shorts after volatility, - Convert realized profits into new positions. Currently, the smart money account is 99.87% short, with a margin utilization rate of 99.96%. However, today’s position risk is more concentrated than yesterday: - If SKHX continues trading below $970–$978, the latest added positions will gain further price confirmation. - If it recovers to $1020–$1055, and SMSN returns to $150–$153, the profit pullback on these rolling shorts will accelerate significantly. Earnings reports reflect profits already made, but stock prices trade on future expectations. When record-breaking performance still fails to push prices higher, the market’s real concern is often not whether this quarter’s profits are enough, but whether the best growth phase has already been priced in. Direct link: https://www.(aicoin.com)/zh-Hans/hyper-detail/0xebe126adabe1a8f08d3ce53b45e7cc994ca14070 #SKHynix #Samsung #SKHX