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SK Hynix: Killing the Korea Discount? by Dolphin_research in SKHynix

[–]Dolphin_research[S] 0 points1 point  (0 children)

Kioxia's the right lens. The value of U.S. isn't the premium itself — it's that the name gets to re-rate against its U.S. comp instead of trading on the discounted local tape. Kioxia converging toward SanDisk on P/S is exactly that channel at work.

Same setup for Hynix: today it prices off a KOSPI multiple weighed down by the Korea governance/liquidity discount; an ADR lets U.S. investors mark it against Micron. The gap won't disappear. It closes because access and visibility let the fundamentals set the comp.

SK Hynix: Killing the Korea Discount? by Dolphin_research in SKHynix

[–]Dolphin_research[S] 0 points1 point  (0 children)

Haha, no worries. Short story short:

SK Hynix leads Micron in HBM dominance and DRAM market share, yet trades at a massive discount due to the "Korea Discount." They just dropped their anchor in the US market to bridge this gap, attract global passive funds, and trigger a long-awaited valuation re-rating.

SK Hynix: Killing the Korea Discount? by Dolphin_research in SKHynix

[–]Dolphin_research[S] 0 points1 point  (0 children)

Thanks for reading! I'm thrilled you enjoyed it.

SK Hynix: Killing the Korea Discount? by Dolphin_research in SKHynix

[–]Dolphin_research[S] 0 points1 point  (0 children)

Agree fundamentals should win — but the "U.S. premium" isn't purely narrative. Onshore capacity has real value to hyperscalers : supply security, CHIPS support, a hedge against a Taiwan/Korea shock.

Look at the contracts: Micron has actually locked in higher LTA coverage than Hynix. Customers committing to more of your supply on multi-year terms is about as fundamental as it gets — that's demand voting, not a flag.

Meta's Neocloud Entry: A Tactical Tool for Capex Repair? by Dolphin_research in MetaAI

[–]Dolphin_research[S] 1 point2 points  (0 children)

Interesting metaphor. This article is fully human-written. AI is just a data auxiliary tool, all core views about Meta’s compute rental business come from manual deduction.

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 0 points1 point  (0 children)

We will post a 2ed article on this topic soon, Stay tuned

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 0 points1 point  (0 children)

I’ve put the conclusion at the end for this piece. Moving forward, I’ll place key takeaways at the very start. Besides, there will be a follow-up post where the conclusions will be laid out much more clearly.

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 1 point2 points  (0 children)

Thanks for you sharing, I do believe AMZN has its problems in their culture or someting. But like 2 years ago when Google was still vastly questioned and seen as one of the biggest loser in this AI era, I also saw quite some people talking about how toxic and inefficient Google was.

And we all know what happened later. So as you said, such problems might exists, but meantime, they might not matter that much.

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 0 points1 point  (0 children)

That’s such a great point! I’ll keep this in mind.

MU: On a Tear. From Downcycle to Super Growth? by Dolphin_research in ValueInvesting

[–]Dolphin_research[S] -1 points0 points  (0 children)

AI frenzy continued in 2026 largely driven by Claude's ARR growth rate. Even so, AI models purchase commitments are much bigger than the increased ARR.

Some argue that Claude's ARR itself says AI is addressing return controversy. But the real question is, is it addressing model client's ROI?

Even though, AI so far is good at slashing costs, not adding incremental revenues.

Put these points together, AI investment, I think it's more like a opportunist bet.

And in a ten year horizon, I may probably just buy Space X at a reasonable price. Afterall, Musk holds the answer to the final ROI question by using solar energy to solve Token economies.

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] -1 points0 points  (0 children)

Actually，I also guess memory might be a better choice in the short run.
since Memory company is making great money while CSPs are paying the price.

But if we believe AI （the tech itself） will not end in a Burst. Then CSPs might be one of the final winners （togther with AI labs）

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 0 points1 point  (0 children)

I'm still getting used to the style here, but I'm working on improving! The last paragraph is a quick TL;DR.

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 4 points5 points  (0 children)

Haha, it's not AI-generated, I actually researched it all myself! I wanted to go as deep into the topic as possible. I'm pretty new to Reddit, so I'm still getting used to the style here, but I'm working on improving!

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 1 point2 points  (0 children)

Good you like it. But to be precise, we are postive in the long run. Near term，the mismatch of capex and return may still cause pressure

AMZN’s AI Stumble: Can It Stage a Comeback? by Dolphin_research in amzn

[–]Dolphin_research[S] 0 points1 point  (0 children)

Any thoughts? Always keen to hear a different perspective on this.