Memory is one of the hottest—and most crowded—plays in global tech right now. AI has ignited HBM, DRAM, and NAND all at once, sending shares of SK hynix, Samsung, and Micron up several times over in six months.

Just as the frenzy peaked, the market suddenly reversed, and the memory leaders sold off sharply from their highs. The turn was abrupt.

It was exactly at this 'heated-then-chilled' moment that SK hynix, one of the industry's true heavyweights, brought its stock to Nasdaq. On Jul 10, SK hynix ADRs officially began trading in the U.S. market...