PBs are reportedly limiting leverage / exposure on Samsung and SK Hynix because volatility is high and local/GDR/HK ETF liquidity is not deep enough for the amount of demand coming from HFs, EM funds and global tech investors. The news hit last Friday and likely contributed to the slight fade in Samsung / SK Hynix during the Friday KOSPI session. But to me, that’s not bearish — it’s plumbing pressure, not thesis deterioration. A real US-listed SK Hynix ADR could be very positive because it creates a cleaner access channel: easier custody, cleaner margin treatment, broader US investor participation, and potentially better liquidity/options infrastructure over time. And here’s the key: once that pipe opens, more leverage is likely coming, and more concentrated positions are likely coming into late summer. The AI memory trade is crowded, yes. But when everyone still wants more exposure and PBs are saying “we’re full,” that usually means there is latent demand waiting for a better vehicle. SK Hynix ADR = more pipes, more leverage, more concentrated demand for the memory trade overall