After SK Hynix jumped 13% on its first day, the outlook for the memory sector has changed. It has changed in three places. First, the valuation anchor has been reset. SK Hynix’s IPO price was $149, with a Forward PE of 6.2x. Micron is now at 7 to 11x. Both companies are in the same business: SK Hynix’s HBM share is 56.4%, which is actually higher, yet the valuation is lower.

SK Hynix13.38%
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