Gary Black: SK Hynix sets record $26.5B U.S. ADR listing at $149 amid market volatility

Gary Black: SK Hynix sets record $26.5B U.S. ADR listing at $149 amid market volatility
SK Hynix launches record U.S. ADR

Gary Black, managing partner, investor at The Future Fund, reports that U.S. stocks declined during ongoing U.S.-Iran peace talks, as tensions persisted around the Strait of Hormuz. Brent crude prices fell to $76 per barrel. SK Hynix priced its U.S. ADR listing at a record $26.5 billion, with shares at $149 and demand exceeding available shares. Investor concerns remain over the sustainability of recent market dynamics.

Black previously highlighted how weak Samsung earnings weighed on U.S. stocks and AI chip shares. In a separate analysis, he compared valuations, noting investors pay 150 times 2026 EV/EBITDA for SPCX versus 19 times for NVDA in recent trade. These observations reflect ongoing attention to earnings and valuation disparities in the sector.

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