SK Hynix's blockbuster IPO is riding a cycle that has historically ended in spectacular collapse — memory markets have crashed violently four times since the 1990s, wiping out dozens of companies each time. AI capex is the only thing holding this supercycle together, and the moment hyperscalers pause datacenter builds, those advance volume agreements become renegotiation talks. Meanwhile, government equity entanglement through Korea's National Growth Fund risks diluting shareholders and spooking foreign investors.