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After SpaceX, the second “one-billion-dollar-plus” behemoth has landed on Nasdaq. SK hynix, the absolute leader in global AI storage chips, leads with a 56.4% share of HBM. Trading opens tonight. $26.5 billion will be raised, with subscriptions more than 7 times oversubscribed—the largest U.S. stock IPO by a foreign company in history. The significance of this is far greater than that of a single new stock listing. The way the funding “waterfall” flowed during the AI boom over the past three years has looked like this: GPUs first rose (NVIDIA) →