SK hynix's pursuit of a US ADR listing could set off a huge catch-up trade toward Micron's valuation multiples. The gap between their multiples is large, and it should shrink simply because US investors could buy SK hynix more easily, which may even weigh on Micron in the short term. A post the author replies to counters that Micron's US fabs justify part of its premium. x.com  x.com 

SK hynix remains a buying opportunity, with its US ADR premium over Korean shares now at an all-time low of 32.66%. x.com  x.com 

China's domestic market lets YMTC and CXMT threaten Micron, Samsung Electronics and SK hynix without entering US products. China receives 15-25% of smartphones and PCs and is on a path to at least 20-30% memory share over the next several years; current leaders are much too optimistic. History suggests at least a near-term semiconductor rally even if the AI trade has topped. It likely has not: agentic AI should give the trade room to run into 2027. x.com  x.com  x.com 

SK hynix should rerate at least somewhat on its plan to launch a US ADR program, reported by @StockSavvyShay; the stock still feels like free money. x.com 

Micron, Samsung Electronics and SK hynix look very cheap if their long-term agreements do not impose overly conservative price ceilings. Greater clarity on those pricing terms could send memory stocks up 30% in a single day. x.com 

Buying the DRAM dip looks too risky now because CXMT's ambitious next-generation 4F plan and SK hynix's aggressive production expansion raise supply concerns for memory stocks such as Micron, SK hynix and Samsung. CXMT is unlikely to become a serious competitive threat, but it could still weigh on storage-stock sentiment. x.com  x.com 

SK hynix is better owned on the Korean exchange than through its US listing. The US shares trade at a market value more than $300B above the Korean shares, a 35% premium, and the ADR adds country, compliance and exchange risks. Investors wanting US-listed memory exposure could simply combine Micron and Sandisk. x.com 

Micron is the better memory buy here because Korean stocks have traded poorly and SK hynix's US ADR carries a massive premium over its Korean listing. SK hynix remains the preferred company; HBM is favored over NAND, making Micron and SK hynix preferable to SanDisk. Memory stocks look cheap, with very attractive risk/reward at these levels, and are unlikely to stay cheap for long. x.com 

SK hynix's US listing trades at a 20% premium to Korea, hard to justify for a peak cyclical name on peak earnings whose estimates were just revised down. x.com 

SK hynix's 'insane' earnings set up a sharp move higher in the shares. x.com