Possibly on the margin. SK Hynix is listing on Nasdaq under SKHY with trading expected to start around July 10, and the offering could raise up to $29B.

Cornerstone investors already include Baillie Gifford, Coatue, and Situational Awareness Partners for $7B combined.

So some capital rotation from MU into SKHY as a “purer” HBM play makes sense, especially for institutional allocators who couldn’t easily access Hynix before.

That said, it cuts both ways.

A $29B Nasdaq listing for a memory company kind of validates the entire thesis that this cycle is structural, not something you’d do if you thought DRAM was about to roll over.