SK Hynix dropped again. It just hit an all-time high last week, and within four days it’s back down.

The vibe in the Korean stock market this month: Monday circuit breaker -10%, Tuesday rebound +8%, Wednesday new high, Thursday crash again. Retail investors’ stop-loss lines have been completely wiped out from both sides.

But on July 10, SK Hynix will list its ADR on Nasdaq under the ticker #SKHY, raising $29.4 billion. Goldman Sachs, JPMorgan, Bank of America, and Citigroup are joint underwriters.

Is this crash at such a timing a risk, or the last washout before listing on the US market?

Same business, stronger market share, higher profit margins, yet its PE is only one-sixth of $MU Micron.

Once it lists on the US market in July, this valuation gap will be quickly closed. Passive funds are forced to buy, US institutional money floods in. A global HBM leader at 8x PE on Nasdaq has a completely different pricing logic.

What’s falling now is panic in Korea’s small pond. After July 10, it’s repricing in the vast ocean of the US stock market.

The memory super cycle is not over. Micron just delivered a stunning $41.4 billion earnings report, with Q4 guidance of $50 billion. SK Hynix’s next month’s earnings are expected to show operating profit of 62-68 trillion won—another record.

Every penny of the decline is a discount before boarding the July train.