The hottest topic in the financial markets today has to be SK Hynix's U.S. IPO. They issued 177.9 million ADRs, priced at $149 each, raising approximately $26.5 billion—making it one of the largest fundraising records for a foreign company listing in the U.S. Over 500 institutional accounts participated in the subscription, with demand nearing $200 billion, over 7x oversubscribed. As a core supplier of NVIDIA's HBM high-bandwidth memory, SK Hynix is leveraging the U.S. capital market to boost its valuation and narrow the gap with Micron. While the liquidity environment hasn’t significantly improved, it hasn’t stopped capital from chasing the strongest AI narratives. The market never lacks capital; what it lacks are opportunities with strong enough certainty. Initially, market attention was focused on NVIDIA GPUs, but for AI computing power to truly materialize, it requires more than just GPUs—it also needs high-speed memory, advanced packaging, and data transmission. HBM has become a critical bottleneck for AI servers, and SK Hynix is one of the core HBM suppliers in NVIDIA's AI GPU supply chain. NVIDIA handles the 'brains,' TSMC handles 'manufacturing,' ASML handles 'lithography equipment,' while SK Hynix and Micron ensure this computing power runs at high speed. The entire infrastructure of the AI supply chain is being repriced. The capital market always trades on the future ahead of time. Has the current price already priced in growth for the next few years? The AI supply chain's mega-cycle is still ongoing, but the capital market always has its cycles. The real opportunities often emerge after the market cools down from its frenzy and returns to rationality.