SK Inc. and SK Square offer a way to own underlying businesses at a holding-company discount, assuming management acts in minority shareholders' interests. SK Square's 20% stake in SK hynix has benefited from portfolio cleanup, buybacks and executive-pay alignment; its shares outperformed SK hynix over the past three years. SK Inc. trades at a massive discount to its underlying SK hynix stake. x.com  x.com 

SK hynix's problem is governance, not memory. Mr. Chey is swapping underpriced HBM for NVIDIA cards to build SK Telecom into a Korean cloud provider, lining his own pockets there because his stake in SK hynix is far smaller. At Samsung, middle management runs memory prices like a personal bonus pool. Replying to @yuntungshieh's complaint of rubbish corporate governance, shareholder interests at Korean companies are dismissed as a joke. x.com  x.com 

SK Telecom offers a buried Anthropic stake priced like a utility. The stake sits on its balance sheet at cost, and Anthropic's confidential IPO filing on June 1, targeting the second half, should force the market to mark it. Per @michaelsikand, SK Telecom has four times the next-best Anthropic exposure per dollar of market cap, and its core telco trades near 6.1x EV/EBITDA. It is still a proxy: foreign-listed, prone to conglomerate discounts, with a stake that is hard to mark precisely. x.com 

SK hynix is cheaper than Micron even after the US ADR premium, while generating significantly more revenue and holding a stronger HBM position. Its only downside is being Korean, which is also Micron's only upside given geopolitical supply chains; SK hynix's organizational structure is also a risk. x.com  x.com  x.com  x.com  x.com 

Broadcom is tied into the questionable circular AI financing model, a red flag many shareholders miss. It is liable for $30 billion of Anthropic's latest loan if Anthropic can no longer service its debt. Organized by Apollo and Blackstone, the private credit deal lets Anthropic fund and lease custom AI chips from Broadcom and Google without taking the debt onto its own books. Broadcom's rapidly growing cash flows are real. x.com 

An Anthropic IPO would force a market value onto SK Telecom's stake, which sits on its balance sheet at book value. SK Telecom invested $100M in 2023 at a $5B valuation and still holds roughly 0.3%, worth about $3B at a $1 trillion Anthropic against SK Telecom's roughly $15B market cap. If higher rumored valuations land, the stake becomes a meaningful fraction of the company, offering Anthropic exposure retail cannot otherwise buy, priced like a telco. x.com 

SpaceX's IPO looks asymmetric to the downside, and as a mispriced mega cap it is a rare short where losses can be sized without fearing a 2-10x move. Elon's $50B social media machine, aggressive float constraints and penalties on retail sales were not enough, and the listing wreaked havoc on other AI names. That sets an ugly precedent for an Anthropic IPO, which could hurt the whole AI trade if it is gutted out of the gate. The base case is not a horrible outcome. x.com  x.com 

SK Telecom is the biggest winner from Anthropic cracking down on SPVs, because it is the cleanest public proxy for Anthropic exposure, with no SPV fees or legal issues and full liquidity. x.com 

SK Telecom could be a really good play heading into Anthropic's IPO. x.com 

SK Telecom is becoming Anthropic's Korean infrastructure partner, not just a holder of an Anthropic stake. Its $100 million 2023 investment is worth an estimated $2.7 billion, about 19% of its market cap, before any Anthropic IPO rerating. CEO Jung Jae-heon said SKT joined the Series H, won't sell, and that Anthropic is discussing compute with SKT. It joined Project Glasswing, and its gigawatt-scale Nvidia AI cloud starts in 2027. It trades at 6.1x EV/EBITDA versus 7.5-9x for Western peers. … Show more