$26.5 billion worth of memory

The numbers

SK Hynix raised $26.5 billion on Nasdaq through an American Depositary Receipt offering — the second-largest U.S. share sale on record. The stock had climbed roughly 650% from a year earlier. Why? Because Nvidia's accelerators cannot run at full capacity unless SK Hynix's high-bandwidth memory feeds them data fast enough. Everyone talks about the GPU; the money is being made in memory.^{[1], [2], [4]}

Who takes the throne

This offering isn't a single company's news; it's an announcement of where power in the supply chain has shifted. It's no accident that more than half of Korea's national plan goes to memory. The scarcity of the next two years won't be tokens — it will be HBM capacity. Write it down.^{[3], [4]}