In short: Used by Brown as the consistency test on the circular-financing bear case: "do we still feel really great about SK Hynix and Samsung, or do we not? If you do, then [you can't be] questioning NVIDIA's ability to fund its next generation of customers… If you believe in one, you have to believe in the other." Also, the leverage that blew up in July was largely long memory and "having taken place in Korea." No individual call.
In short: Market color: Terranova says the new US listing "really exemplified that maybe there's just too much supply" for the memory market to digest — down 12%, so "you broke the fever in memory." Doesn't eliminate memory's fundamentals, but capital rotates elsewhere. No committee position.
In short: Market color: the newly-listed Korean HBM maker was "down sharply" (the Korean market down as well) as the memory complex sold off on the hawkish-rates turn. No committee position.
In short: Market color, no committee position: the largest ADR listing ever in the US — $26.5B raised, opened well above the $149 list at ~$173 (+16%), 177M shares. Christina frames it as a bigger/cheaper/closer-to-NVIDIA-than-Micron pure-play on high-bandwidth memory — 56–58% HBM share (Samsung/Micron ~21%), NVIDIA's #1 supplier, "the direct line to NVIDIA." Weiss notes it's a slightly lower valuation than Micron but didn't buy; open funding source (Micron/chips/foreign ADRs) is the open question.
SK Hynix is the Korean memory-chip giant that dominates "high-bandwidth memory" (HBM) — the specialized memory stacked next to NVIDIA's AI chips. It just started trading in the US as an ADR (a US-listed receipt that lets Americans buy a foreign company's shares), and it was the largest such listing ever: $26.5 billion raised, opening 16% above its $149 offer price at about $173.
The bull framing (from CNBC's Christina Partsinevelos) is that it's a bigger, cheaper, more direct bet on NVIDIA's supply chain than Micron — SK Hynix holds 56–58% of the HBM market vs about 21% each for Samsung and Micron, and is NVIDIA's number-one supplier. But it's market color, not a recommendation: no one on the committee bought it, and Weiss only noted it's slightly cheaper than Micron. An open question is where all the buying money is coming from (possibly rotated out of Micron and other chips).
In short: The subject — the largest ADR listing in history (~$28B / 45T won, edging Alibaba 2014), trading ~Jul 10 under SKHY on Nasdaq (up to 178M ADRs = ~2.5%, ~$158 each; not yet trading). World #1 HBM at ~57% share, sold out through 2028, ~$24B net cash. Q1 FY26 records: revenue +198% to $35.5B, 72% op margin (all-time high), net margin 77%; HBM now 12% of DRAM revenue (double a year ago). Comes to market at parity with Micron (~7x fwd, ~18x trailing EV/EBIT) — the Korea discount already closed. Author's take: belongs on every watchlist but he'd rather watch the ADR trade a quarter or two than pay peak margins as a baseline. (Recap, not a stance call.)
SK Hynix is a South Korean chipmaker that makes memory — the chips that store and feed data inside computers and AI systems. Its shares normally trade in Seoul, in Korean won, which is awkward for US investors to buy. So it's creating an "ADR" (American Depositary Receipt): a US bank holds the Korean shares and issues dollar-priced receipts that trade on Nasdaq like any American stock, under the ticker SKHY, expected to start trading around July 10. At over $28 billion it would be the biggest such listing ever. Oddly, the company doesn't need the cash — it's sitting on about $24 billion of net cash — every dollar is going into new factories and equipment.
What makes it special is HBM (high-bandwidth memory) — a premium type of memory stacked into towers that sit next to AI chips and feed them data fast enough to keep up. SK Hynix is the world leader (about 57% share), supplies roughly two-thirds of NVIDIA's HBM, and is sold out three years in advance. That drove an astonishing quarter: revenue nearly tripled and its operating profit margin hit 72% — higher than NVIDIA's. The catch, and the author's whole point: the stock already trades at the same valuation as its US rival Micron, and those sky-high margins are being treated as normal rather than a peak. Memory has always been boom-and-bust; the bull bet is that AI permanently broke that cycle, and the bear bet is that it never has before. His verdict: put it on your watchlist, but don't pay up at the IPO — better to watch it trade for a quarter or two first. A recap, not a recommendation.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.