To The Moon

1.Live Review Introduction

Review Live>>

Tiger Brokers livestream hosted by Vyann, featuring Ross Dong, Founding Partner at Morning Cloud Asset Management and founder of Gongxing Academy. With over 15 years of experience as an equity trader at firms including J.P. Morgan and KCG, Ross holds a Bachelor of Science in Applied Mathematics from Columbia University. His research spans macro trading, U.S. equities, and the structural dynamics behind the global AI memory supply chain, and he currently manages over $30M in AUM while leading a community of 15,000+ members. Memory stocks including $SK hynix(SKHY)$ have pulled back sharply since late June even as the AI infrastructure buildout keeps accelerating, leaving investors to weigh whether this is a short-term top or a buying opportunity within a longer boom.

Disclaimer: All content shared is purely for investor education purposes and does not constitute any financial advice, investment recommendation or trading signal. All trading involves significant risks. Please conduct independent research before making investment decisions.

2. A Structural Shift, Not a Short-Term Trade

The AI era marks a shift from an economy built on physical energy to one powered by digital intelligence, where mastery of compute increasingly replaces mastery of resources as the primary driver of wealth. Major trends like this don't resolve in a day or a week — the "gravity" of that shift is what's reshaping portfolio positioning heading into 2026.

3. What Triggered the Selloff

Following an exceptionally strong earnings report from Micron in late June, near-term optimism around AI memory demand had largely already been priced in. That set the stage for a pullback — but the read here is a short-term top, not the end of the AI bull market. Valuations needed room to reset after an unusually strong rally, while the long-term thesis stays intact.

4. Four Reasons Behind the Pullback

• Hyperscaler monetization shift: Cloud providers may increasingly lease out spare compute capacity to third parties, following the playbook set by xAI and Meta, rather than deploying every GPU internally. This improves utilization but reduces urgency around incremental GPU purchases.

• OpenAI's delayed IPO: Highlights ongoing uncertainty in how closed-source frontier AI models will ultimately be monetized, pushing investors to become more selective about the path from technological leadership to sustainable profit.

• A shift in market focus: Stronger-than-expected guidance from $ASML Holding NV(ASML)$ and $Taiwan Semiconductor Manufacturing(TSM)$, alongside Samsung's capacity expansion plans, signals that investor attention may rotate from pure order-visibility and AI demand toward the broader memory inventory cycle and future supply expansion.

• Capital rotation, not deterioration: Outflows from crowded U.S. AI and semiconductor trades since late June reflect profit-taking and reduced momentum-driven buying, rather than any change in underlying fundamentals.

5. The Long-Term Thesis Still Holds

The fundamental supply-demand imbalance in advanced memory, particularly leading-edge HBM, remains unresolved, with capacity expansion still lagging structural AI demand. Expect continued short-term volatility, but within an ongoing secular bull market rather than the start of a downturn.

Closing Takeaway

The recent memory-stock correction looks more like a healthy pause than a trend reversal, driven by rotation and repositioning rather than weakening fundamentals. Next, the Korea-specific macro backdrop — GDP forecasts, capital flows, and valuations — that further supports this thesis.

6. Risk Reminder

High-volatility AI and memory-related stocks carry substantial trading risks. Market participants without sufficient foundational knowledge are advised to complete education modules before initiating live positions.

7. Post-Event Resources

Viewers can access further insights via Ross Dong's official website, tmipartner.com, or his YouTube channel, TMI Partner. You can also follow him on X as Ross Dong, or via Tothemoon as Ross美股投资. The full livestream replay is available on the Tiger Trade app. Community participants may share demo trading plans and market observations tagging TB Live to join bonus activity rewards.