Good Monday morning. Welcome to Swalk on the Street. I'm Carl Kintaneda with Sarah Eisen here at Post-9 of the New York Stock Exchange.

Today, the housing affordability bill officially becomes law. The co-president of single-family homeowner, Predium, will join us on the impact of the market in their business.

Ben, Elon Musk and Sam Altman battling on X over the weekend after Apple filed a lawsuit against

OpenAI. We're going to take a closer look at the rivalry and what it means for the entire AI space.

ProCAP financial CEO Anthony Pompliano's with us. We'll get his take on the AI trade and

crypto here, plus an update on the company's AI agent for personal finance.

In the meantime, some red arrows here on the headlines, although some of the sector strength has been a little bit better.

We actually positive breadth this morning at the NYSC.

Tech, obviously, in focus in the wake of the Apple lawsuit on Friday.

We're watching SpaceX getting closer and closer to that initial IPO price of 135. Energy's at the top of the market today on this jump in crude oil, on the tensions and the new blockade that President Trump just announced on the Strait of Pormuz. And some of the defensives are also working like Staples, real estate, utilities, and health care. We'll start, though, on the move here lower in the chip stocks this morning. Christina Parts Elevenvelis joins us now with some of the drivers. Christina. Yeah, you're really seeing memory get crushed this morning. So specifically SKHanExpelled more than 15% in Seoul, South Korea. That was a record one-day drop, and it really dragged down the cost to be roughly 9%. Triggered a circuit breaker as well.

And this is actually the same stock that we talked about on Friday here in its NASDAQ debut

that popped 13%.

Foreign and institutional money did most of the selling today, and some of it, I should

say this morning, some of it is just rotation, out of the Korean line into the U.S. one, because U.S. shares do trade at a big premium over 14% higher as of Friday's close in South Korea. Hedge funds are playing the gap, though. So what they're doing is they're longing, they're long the U.S. ADR, so that's the U.S. listed shares and shorting the local stock. And then you also

have to add into the mix leverage. Direction, pro shares and others are all launching SK

Hinex ETFs just this week alone. And that would definitely amplify the upside. Some bet

against it. They magnify actually every daily swing because they have to rebalance at the end of the day.

And then there's also this research note making the rounds in the chip world. So Korea investment

and securities fund says Hinex, Hinex is operating profit could land roughly about 8% below consensus.

And the reason is more of its revenue comes from high bandwidth memory and high bandwidth

prices are rising just at a slower rate than conventional memory chips.

And so that dynamic is maybe why you're seeing some of the sell off.

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