The biggest foreign listing in the history of the US stock market this week was not a chip designer or an AI lab. It was the Korean company that makes the memory those chips can't run without, SK Hynix raised $26.5 billion on Nasdaq, and the market priced the scarcest input in AI

SK Hynix raised $26.5 billion on Nasdaq, the largest foreign IPO in US history, topping Alibaba's 2014 record, priced at $149 a share and more than seven times oversubscribed, and was immediately pressed by Commerce Secretary Howard Lutnick to build US fabs. It is the clearest market sign yet of the week's thesis: value has slid off the commoditized model into the scarce inputs beside it, and memory (SK Hynix supplies ~58% of the HBM feeding Nvidia's GPUs) is the scarcest. Plus Anthropic's "global workspace" interpretability research, Beijing forcing Meta to unwind its Manus deal, a memristor in-memory chip, and Sequoia's $3 trillion question.