SK Hynix's American Depositary Shares (ADS) surged 12.8% on their first trading day, but today, its Korean stock price dropped as much as 8.2%. The U.S. listing addressed issues of trading access and liquidity, and the first-day rally reflects institutional demand for a 'directly tradable HBM leader.' The pullback in Korean stock prices suggests the market is shifting focus from the listing narrative to profit validation. Analysts believe investors are taking profits while also worrying that HBM4 shipments have not ramped up significantly in Q2 as previously expected. SK Hynix held about 58% of HBM revenue share in Q1, ahead of Samsung and Micron, but its higher exposure to HBM also makes it more sensitive to the progress of next-gen products. Additionally, general DRAM prices have been rising recently, which could benefit Samsung more due to its more balanced product mix. SK Hynix's long-term tech advantage isn’t negated by a single day’s stock movement, but the market has entered a second phase: No longer paying a premium for listing scarcity, but waiting for HBM4 shipments, gross margins, and capital returns.