This week, the global capital market is closely watching a South Korean giant that is about to ring the bell on Nasdaq.
According to multiple sources, SK Hynix is tentatively set to issue ADRs (American Depositary Receipts) in the US on July 10, with the code SKHY. The fundraising scale is expected to reach as high as $29.4 billion, which will set a record for the largest ADR issuance in history.
Buying SK Hynix not only means gaining exposure to the core assets of South Korea's top chaebols but also provides you with the current "highest purity" entry ticket in the global AI industry chain's memory market.
However, facing the intense rollercoaster market of the Korean stock, which saw a "14% crash followed by a 17% rebound in a single day," we need to clarify the underlying bullish-bearish tug-of-war before entering the first trading day on Nasdaq and find a smarter trading path.
A Game of Ice and Fire: The Ultimate Struggle Between Bulls and Bears
The current valuation logic of SK Hynix is at a historic turning point of "cyclical stocks" being re-evaluated as "AI growth stocks." At this position, both bulls and bears have compelling arguments.
From the bullish perspective, the certainty of performance is the strongest backing. KB Securities recently significantly raised its operating profit forecast for Hynix in 2026 to 290 trillion won and asserted that the memory shortage will last until the end of 2028[1]. More astonishingly, Bernstein expects its Q2 DRAM gross margin to reach an impressive 90.9%.
"This is not a bubble narrative; it is real gold and silver profit. In the first quarter of this year, SK Hynix's single-quarter profit reached $26.1 billion, even exceeding its total revenue for 2023, with an operating profit margin of 72%, already matching Nvidia's level.”
But the bears also hold lethal cards. Hynix's Korean stock has surged nearly 900% in the past year, completely overextending some expectations. More dangerously, an epic expansion is happening at the same time. "Structural shortages" and "the largest supply wave in history" cannot coexist for long. Hynix's proactive cancellation of price ceilings on long-term contracts is a bet on the continued upward cycle; once memory prices reach a turning point, its downward elasticity will also be fierce.
The risk most easily overlooked by retail investors lies in the degree of leverage crowding. Currently, the leveraged or inverse ETFs linked to Hynix have scaled up to $19 billion, more than four times the stock's average daily trading volume. This abnormal structure means that once volatility amplifies, passive liquidations will trigger a crash, and this week’s flash collapse is a live rehearsal.
Smart Money Has Already Tipped Off: Pricing Early on Hyperliquid
In the face of the upcoming Nasdaq IPO, retail investors are still waiting for the brokerage channels for new share offerings, while smart money on the chain has already started to take action.
Currently, Hyperliquid has launched the pre-market perpetual contract for SK Hynix (SKHX/USDC). Data shows that the pricing on common stock is around $1,560, while the ADR is approximately $156.
According to the Hyperliquid trading data provided by AiCoin, the SKHX contract is currently quoted near $1,461.4. Looking at historical trends, this contract has soared from a low of $523.4 to a historical high of $1,974.9, and is currently in a high-level correction phase, about 26% below the previous peak. The MACD indicator shows that the DIF (-39.5) and DEA (-41.4) are entangled below the zero axis, with signs of the green bars contracting, indicating that both sides are fiercely exchanging hands at this critical position.
The strategy of smart money on the chain is very clear: go long early on Hyperliquid and reserve funds to add positions in batches when prices fall. For retail investors, do not take the Nasdaq opening price as the floor price, as the real pricing power tussle has already started on Hyperliquid.
Why Choose Hyperliquid to Trade US Stock Assets?
SK Hynix's upcoming listing in the US highlights the limitations of traditional financial channels: high capital requirements, cumbersome account opening processes, the inability to short, and poor liquidity during pre-market and after-hours.
Hyperliquid is reshaping all of this through a Web3 approach:
1. Ignore Barriers, Trade Around the Clock: No complicated brokerage account setup or asset proof required, just a Web3 wallet allows for 24/7 trading of SK Hynix (SKHX) and other core US stock assets.
2. Bidirectional Trading, Flexible Hedging: In the face of the huge cyclical volatility risks of SK Hynix, you can easily short for hedging on Hyperliquid without being restricted by margin limits as in traditional brokerages.
3. Snatch the Pricing Power: Before the official ringing of the bell for US stocks, you can participate in the games in Hyperliquid's pre-market perpetual market, standing on equal footing with smart money on the chain.
Conclusion: Use AiCoin to Grasp the Pulse of the Chaebols
SK Hynix is undoubtedly the highest purity exposure to AI memory available today. It is more suited as a satellite position in your AI investment portfolio, with gradual accumulation and strict leverage control.
To survive in this intense volatility, you need the most professional tools for assistance. The AiCoin mobile app seamlessly integrates Hyperliquid's deep data and trading interface:
- Professional Market Analysis: Real-time view of the K-line trends, MACD, EMA, and other indicators for SKHX/USDC, accurately grasping the entry timing.
- Lightning-Fast Trade Execution: No need to switch web pages frequently; the AiCoin mobile app allows for millisecond-level opening and closing through one-click authorization.
- Unified Asset Management: In one app, simultaneously monitor your crypto assets and US stock synthetic assets, making cross-market hedging incredibly simple.
Now register AiCoin and link Hyperliquid, using the exclusive invitation code AICOIN88, to enjoy a 4% fee rebate.
The feast of SK Hynix is about to begin, prepare your Hyperliquid account, and with the assistance of AiCoin, slice off your piece of the cake.
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The content of this article only represents the author's personal views and does not reflect the stance of this platform. The opinions, conclusions, and suggestions in the article are for reference only and do not constitute any investment advice related to this platform. Investing in US stocks still requires assuming market risks, regulatory risks, and compliance risks with local laws and regulations (especially foreign exchange controls, offshore investment reporting, etc.).
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