SK Hynix’s ADR began trading on Nasdaq on July 10, 2026 and jumped 12.76% on its debut; Seoul-listed shares fell 14.5% the same day. The ADR rally reflects global investors paying up for scarce, direct exposure to an AI-storage leader; the Seoul selloff reflects profit-taking after prior gains and skepticism about whether HBM4 will ramp volume in Q2 as hoped. Market implication: without hard order, shipment or margin confirmation for HBM4, the AI-storage narrative premium is vulnerable to being

SK Hynix’s ADR began trading on Nasdaq on July 10, 2026 and jumped 12.76% on its debut; Seoul-listed shares fell 14.5% the same day. The ADR rally reflects global investors paying up for scarce, direct exposure to an AI-storage leader; the Seoul selloff reflects profit-taking after prior gains and skepticism about whether HBM4 will ramp volume in Q2 as hoped. Market implication: without hard order, shipment or margin confirmation for HBM4, the AI-storage narrative premium is vulnerable to being repriced back to delivery and earnings metrics.