Three Ways to Own the Memory Supercycle

The Morning 10

1. 1 Overnight — Korea gapped, and this time held
2. 2 The washout read wins the week
3. 3 SKHY trades today — priced above the market
4. 4 The architect sat out its own party
5. 5 Memory's three price tags
6. 6 Oil isn't buying the war
7. 7 Tuesday, everything prints at once
8. 8 Both sides green — the alternation may be over
9. 9 Four greens — first unanimous close since Monday
10. 10 Outside view — Gene Munster

The full Morning 10 →

Daily Pulse — Three Ways to Own the Memory Supercycle

SK Hynix's $26.5B ADR debuts on Nasdaq today, priced at a premium. The right moment to take the memory trade apart: the HBM leader at 4.8x, the trillion-dollar challenger at 6.6x, and the most profitable company in the world getting sold on record earnings.

The full Pulse →

On the tape

• 3436.T +15.4% — Sumco
• 5801.T +5.14% — Furukawa Electric
• 6856.T +5.06% — Horiba
• 6890.T +9.12% — Ferrotec Holdings
• CAVA +5.84% — CAVA Group
• MELE.BR -8.94% — Melexis
• META +5.97% — Meta
• OVH.PA -5.11% — OVHcloud

The books that day

25 recorded trades: Added TSM (AI Buildout) · Exited ARTY (Global ETFs) · Exited ASEA (Global ETFs) · Exited EEM (Global ETFs) · Exited EMEQ (Global ETFs) · Added EWT (Global ETFs) · …. The live feed →