SK Hynix at below $130 seems low especially after CXMT's historic IPO

SK Hynix (SKHY) under $130 looks interesting to me. The relative valuation gap TO CXMT feels surprisingly small. After its first trading day, China’s CXMT closed roughly 466% above its IPO price, giving it a market cap around $484B. At a sub-$130 SKHY price, SK Hynix is worth roughly $730–750B. So SKHY is at about 1.5x CXMT’s market cap. But on current operating scale, SK Hynix is still much larger: * SK Hynix Q1 2026 revenue: KRW 52.6T, roughly $35B * CXMT Q1 2026 revenue: RMB 50.8B, roughly $7–7.5B * That makes SK Hynix’s quarterly revenue about 5x CXMT’s The bear case is obvious: memory is cyclical, CXMT may keep taking share, and China may assign a strategic premium to its domestic memory champion. But I believe AI-memory demand remains durable and SK Hynix can hold a meaningful HBM lead, SKHY below $130 seems like a temporary dip.