SK Hynix just raised $26.5B in its US IPO, pricing its ADRs at $149 ahead of Friday's Nasdaq debut (SKHY). Investor demand was massive: 7x more than available shares. Why? They are the absolute kingpins of high-bandwidth memory (HBM) chips, making them indispensable to Nvidia and the global AI boom. The cash will fund new factories to tackle the ongoing chip shortage. Even though the stock is up a wild 680% over the past year, massive profit growth keeps its valuation remarkably cheap at just 5.5x forward earnings. The strategy here is simple: tap straight into the world's deepest pool of capital to close the valuation gap with US rivals like Micron.(Lark Davis)