A lot of people don't understand what "the bubble" actually is. SK Hynix has significant operating cash flow (over $30 billion/year), an even bigger net cash position, low debt-to-equity, etc.

The problem is the retail trading/investment frenzy driven by significant margin debt and leveraged products.

Basically, you have a very healthy company that was too popular with unhealthy people and the inevitable happened (margin calls, forced liquidations, etc.).

This doesn't mean that SK Hynix wasn't or isn't overvalued, or that the demand driving SK Hynix's financial success will last forever, but many times, when people think about a "bubble", they think more about assets with limited value being richly valued. In this case, you have a rich asset that was being used as a leveraged trading/investment vehicle by retail traders/investors with limited ability to understand the risks of leverage.

I'm not sure. It looks like 90% of the slide is due to SK Hynix having to face incrementally better international competition in the fight to sell shovels.