Garrett Jin, the representative of the “1011 insider whale,” said in a weekly report that he had recommended building positions in memory-chip stocks gradually and buying on dips, but the expected pullback never came. He has sold half of the rebound position into the surge, not because his investment thesis changed, but because of how the rally was being driven.
“This looks more like a short squeeze than a final market confirmation of fundamentals,” Jin said. Fast-money short covering can create short-term gains in memory-chip names such as SK Hynix, but it cannot sustain a longer rally on its own.
Jin also said South Korean leveraged ETFs still carry risks. The decline in assets under management has mainly come from falling net asset values rather than investor exits. Cumulative net subscriptions in these products remain at record highs and have not turned negative. He stressed that the drop in ETF size is not a bearish signal for memory demand. SK Hynix’s 2026 capacity is already sold out, and Micron’s order book extends to 2028, with demand expected to remain strong through the second half of 2027.
Still, memory chips remain a cyclical business. Share prices have already run up by hundreds of percentage points, and cyclical stocks are often hard to push higher purely through valuation expansion. The market is entering a new phase of the AI capital-expenditure cycle, shifting from “rewarding spending” to “evaluating returns on spending.”
On bitcoin, Jin said it continues to meet the conditions for a bottom that have been in place since the July low, and he still holds the position established near $60,000.