**["1011 Insider Whale" Agent: SK Hynix Rebound May Be Short Covering, AI Storage Cycle Enters Return Validation Phase]** Deep Tide TechFlow reports that on August 8, "1011 Insider Whale" agent Garrett Jin released a weekly analysis stating that while he previously recommended gradually positioning in storage chips and buying on dips, the market did not experience the expected pullback. He has sold half of the rebound positions during the recent surge, not because the investment logic has changed, but due to observing the structure of the funds driving the rally. He remarked, "This looks more like a short squeeze rather than the market's final confirmation of fundamentals." Rapid short covering can create short-term gains for storage chip stocks like SK Hynix, but it cannot independently sustain a prolonged rally. Risks associated with Korean leveraged ETFs have not been fully released yet, though the decline in asset scale is primarily due to net value shrinkage rather than investor exits. Currently, cumulative net subscriptions for related financial products remain at historical highs and have not turned negative. Garrett Jin emphasized that the decline in Korean leveraged ETF scale does not reflect bearish sentiment on storage demand. SK Hynix's 2026 production capacity has already been sold out, and Micron's orders are covered through 2028. Demand remains strong through the second half of 2027. However, the storage industry is inherently cyclical, and stock prices have already surged by several hundred percentage points in advance. Cyclical stocks typically struggle to sustain long-term growth driven solely by valuation expansion. The current market is entering a new phase of the AI capital expenditure cycle, transitioning from "rewarding investment" to "evaluating investment returns." Regarding Bitcoin, Garrett Jin stated that it continues to meet the bottoming conditions established since the July low. He maintains his position view near the $60,000 level.