(https://www.cnbc.com/2026/06/24/sk-hynix-nasdaq-adr-listing-south-korea.html) isn't about going public—it's about raising cash to survive margin compression. When the world's #2 chipmaker needs that much liquidity, it signals producers are racing to absorb losses, not grow. Micron posted $57.0B in quarterly revenue last cycle with a 52.2% net margin, but that's the peak of the cycle talking.

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