Compared to SK Hynix, Micron, and SanDisk, my approach isn’t broadly applicable, but it might still be useful as a reference for semiconductors. First off, the reason I’m shorting SK Hynix isn’t because I’m bearish on SK Hynix itself, but because I’m shorting the ADR premium. SK Hynix is listed in Korea, and its ADRs are traded in the U.S. The company is fundamentally Korean, so I believe the Korean market should be the primary driver. I previously wrote an article comparing several ADR products and found that the performance of the home country’s market is ultimately more important. This means we can treat SK and its ADR as essentially the same product, with SK opening first and the ADR following later. Secondly, based on the current price comparison between SK and its ADR, it’s clear that the ADR carries a significant premium, and this premium is quite high. This creates an arbitrage opportunity between SK and its ADR. For example, going long on SK while shorting the ADR would capture the price difference. But as of now, this strategy isn’t easy to execute. Today marks the second time this has happened—SK dropped during the day, but the ADR rebounded in the afternoon, further widening the premium. So, I think the safest approach right now is to short the ADR whenever SK experiences a significant drop. The reasoning is twofold: one, the ADR tends to follow SK’s movement; and two, the premium itself. As for Micron and SanDisk, since they’re directly listed in the U.S., there’s no ADR layer involved. So, this strategy doesn’t apply to them. However, if we’re looking at the semiconductor sector as a whole, companies like Samsung, SK Hynix, and even ChangXin can serve as indicators for early market movements.