SK Hynix's US listing, in my opinion, is most significant not for "fundraising" but for "pricing power." In the AI era, HBM has become one of the most scarce links in the computing power industry chain, and SK Hynix is a core supplier. The US stock market can provide global capital, higher liquidity, and a more international valuation system. The sharp rise on the first day of trading primarily reflects the market's enthusiasm for the AI industry chain and does not mean it will only go up in the future. After all, semiconductors are a highly cyclical industry. If HBM demand continues and AI capital expenditures from companies like NVIDIA remain high, SK Hynix still has a long-term logic. However, if AI investment cools down, the high valuation will also face pressure to retreat. For investors, rather than just focusing on the first day of listing, it's more worthwhile to pay attention to order books, gross margins, and changes in HBM market share in the coming quarters. $SK Hynix - WI(SKHYV.US)$SK Hynix(SKHY.US)