Certain ideas define us. Some earned names of our own along the way. Others have run through nearly 240 pieces without ever being formally christened. Put together, they amount to a worldview. That worldview has been assembled one essay at a time since 2023. Many readers have walked in mid-conversation. Mention the hardware/software flip, super […]

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On September 30, SK Hynix’s American depositary shares closed at US$184.15 on the Nasdaq. Earlier that day in Seoul, one ordinary share closed at 1,776,000 won, about $1,308.80. Ten ADSs represent one Seoul share, so each ADS’s slice was worth about $130.88. Comparing those two closing prices gives the ADSs a 40.7% premium. The markets […]

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