SK Hynix's US offering just attracted nearly $200 billion in subscription demand

For a single ADR (American Depositary Receipt) offering, such order size is astonishing, especially for one of the world's largest memory chip manufacturers. But more noteworthy than the total size is who is buying these orders.

The top 10 institutional accounts took nearly half of the ADRs; the top 25 accounts subscribed for about 67% of the entire offering. In other words, the vast majority of demand came from a small group of the world's largest institutional investors.

As the chip cycle recovers, market enthusiasm for the entire memory sector is heating up rapidly, and the largest institutional allocators are also the ones placing the most aggressive bets.