Korean chip stocks got absolutely wrecked overnight.

No surprise here. When the global semiconductor cycle turns, the most leveraged names feel it first — and Korean chipmakers are deep in the commodity end of memory. When demand softens or inventory builds, margins compress fast.

This isn't some black swan. It's how cyclical industries work. The same stocks that rip 50% on the way up give it all back when the tide goes out. People forget this every single cycle.

If you own these names, ask yourself: did you buy them because of a thesis about long-term structural demand, or because they were going up? If it's the latter, you're not investing — you're gambling on momentum.

Cyclicals require patience, position sizing, and a strong stomach. If you don't have all three, you're going to get chopped up.