Jose Najarro: Why the SK Hynix IPO Is Actually Bullish for Micron (ft. Sam Badawi)

Jose Navarro is going to be joining us. I think Sam Badawi might be joining us as well here in a minute. Uh but Jose's really going to be able to give us a deep dive understanding of that's, you know, what's actually happening inside of a chip fab and where that matters to your portfolio. And that's because before he was a financial content creator, he was a practicing electrical engineer. And so this is the perfect guest to have on a conversation like this. Again, I mentioned last time he runs What the Chip Happened, a newsletter and podcast that breaks down the AI chip cycle. And so I honestly don't know if there's somebody that's more apt for this conversation. Let's go ahead and bring Jose onto the stream now. Hey. >> What's going on, man? >> Welcome back. Good to see you again. >> having me. Yeah, it's fun. Fun time in the in the AI market for sure. >> Yeah, Jose's too cool. I'm going to have to I'm going to bring bring these out. All right, Jose. Let's get into it. Let's talk business. What's happening here? SK Hynix, I know you're going to be breaking it down on the channel. What are we watching for? >> Uh I mean, it's it's definitely a a great time for them to come on through this IPO here here, get some uh I I forget, raising nearly 28 billion dollars. Um >> Wow. >> I I mean, it's for them the theme is is the perfect timing. You have everybody talking about memory shortages. You have um them talking about uh new fabs not really being built out until late 2027 uh until 2028. Micron just reported earnings uh about a few weeks ago showcasing that memory prices are up on the quarter-over-quarter basis. Um 60 60 70% uh So if you ever are a memory company and you want to go to an IPO to raise funding to build more more more of that fab, I think right now is the is that perfect timing. >> All right, let's get a little technical here. Maybe you can do this in as plain English as possible, but it's still a technical question. >> Mhm. >> Something that makes SK Hynix so appealing to investors is that they own about 57% of the HBM market. Why is and we got Sam Badawi coming in here in a second, too, we'll bring him in right after this question. Why is HBM so much harder to manufacture than standard DRAM? >> Yeah, so um high bandwidth memory, it's um it's the reason it's hard to build is management has talked about it. There's a trade-off ratio. Uh for HBM >> HBM as well. Sorry, I said the the letters wrong. Pop pop um >> Um you you you have to first thing one one of the issues is you have to stack chips on top of each other. And that alone is is very difficult, right? Because I mean when you're stacking things each other, the actual connection pin um and I don't want to get technical, so let's let's just talk about it. Let's the actual connection pin to be able to do this is it's kind of hard work. Uh right, so so there's yield issues, um there's manufacturing issues, and for that reason um only certain players can do it. Only certain players who have the right equipment can do it and can spend that type of money. And because it has it takes this there's this trade-off ratio, it eliminates a lot of the supply for all the other stuff, right? So and this is why we're seeing kind of a huge price increase in consumer tech because that same DRAM you're kind of using that trade-off ratio. And Micron has mentioned, I think for HBM3 was like a 3:1. As we go to HBM4, as we go to HBM5, the trade-off ratio could be something like 4:1 or 5:1. So for every in theory 1 gig of HBM that you're making, you're losing in theory, if you kind of put that that trade ratio, about 4 gigs of consumer market. Um and in the space where you only have limited amount of fans, that supply is what creates kind of this crazy crazy movement in in the prices as well of a typically known commodity product. >> Does them having such a large market share of the high bandwidth memory give you more interest in them over a Micron, Samsung, pieces like that? >> Uh I mean it it's definitely a um kind of being the top player is always it's it's a double-edged sword, right? You kind of have to have great partnership with all the big players already. But then it's like, hey, does this mean you're going to lose market share? Just like with any I mean, you can kind of say the same argument with Nvidia. I prefer Nvidia cuz it's the top AI king, but the biggest bearish case is like, what happens when these other players start to kind of catch up or take market share? I think in the current industry, a few things is AI accelerators and the demand for AI compute is only going to continue to grow. And like a lot of these companies have mentioned the um the actual manufacturing fabs for for these are are not going to really start till 2027. So so there's still a time and and we're seeing long-term contracts coming into this business as well that's changing a bit the typicalness of this industry. >> It's a good point with the comparison there as well to Nvidia. Let's go ahead and bring in add into the show here host of the solid report daily streamer on Wolf Financial, Mr. Sam Badawi. Sam Solid. What's going on? >> Doing good. Doing good. Big day today, right? >> Yeah, it is a big day. Not often that you get, you know, trillion dollar IPOs just popping out. But apparently this is the year of them, huh? >> Definitely, definitely. I mean, supposedly we were supposed to get open AI, but then they postponed announcements for that in 2027. But Anthropic is still on the table. I'd imagine that that's probably going to be a one trillion dollar IPO as well. >> For sure. You saw the Sam Altman comments. He's like, I wouldn't entertain anything underneath a trillion. So it seems like they're they're pretty locked in. Sam, what do you make of all this? >> So I I am seeing just leading into this event, you saw a little bit of the sell-off in semiconductors. And we saw the Samsung earnings. We saw the Micron earnings. Like those numbers were just spectacular. Like there was no reason why those stocks should have been down after earnings. In fact, well actually Micron was up after earnings, but it's given up all of those post earnings gains, even though it's gross margins are just insane, like software-like gross margins, and its profitability standpoint is pretty wild. I mean, I was I was I was charting it the other day, and Micron has basically in a single quarter produced more revenue than it did in 2024, and Samsung was even more. Like, the amount I guess the the amount of leverages these companies have is pretty vast, considering that the memory prices just keep going up. Even Samsung, I was surprised to see the stock down, but you know how you know how the stock market works. Just because the numbers are good, it doesn't mean Wall Street's going to react the same way it did. But surprisingly, you know, when you see margins expand a lot further, profitability expand further, and you have companies that were basically burning cash just a few years ago, now printing almost as much money as at the acceleration, as much as Nvidia did back in 2 years ago. It is surprising seeing how these stocks are still performing well, but you know, at the same time the market prices in a lot of these things ahead of time, and the market is very much forward-looking. I think the theme, as I look at it today, is that the market is fearful that one day this is all going to stop. Anyways, I mean, we've heard that argument for the last 3 years. Not saying that it's definitely going to continue at its scale today, but we've a lot of them people have been fearful about this for several years at this point, and it's very difficult to time these things. >> Yeah, I think that's good points. I am curious. I'm going to ask a question to Jose, and then I'm curious if you have any that you want to throw out to Jose while we have him here as well. One thing which, you know, is talked a lot a lot with SK Hynix is relationship that they have with Nvidia. And Nvidia's Vera Rubin architecture is reportedly built around HBM4. With that being said, how much of SK Hynix's 26, 27 is already spoken for by that one customer relationship? And do Do think that, you know, you cover AMD really closely as well? Do you think that AMD could do anything to kind of force SK Hynix to diversify away from being this Nvidia dependent? >> Let me start with the back end the back question first. I think I mean at the end of the any company is always going to want some form of diversification. I do believe AMD is working more with Samsung on some other memory solutions. But as the market continues to expand, I think you always just for any play, right? You it as if you're a customer of a business, one of the things you always want to have multiple supplier because it allows you to have that pricing power kind of the negotiation on the table. Right now for the vendors themselves is also great to kind of have a different amount of customer base because similar things especially in the market that there's a shortage in the industry just having multiple customers allows you to kind of have again that pricing. Oh, you're not going to take it at this price. Maybe I can sell off a few of this of my percentage to another company. So it's not impossible to see that diversification just for that reasoning. But that's why big companies like Nvidia and others are making these long-term agreements, right? To kind of help make sure that they stay with that cycle. And and yeah, sorry. My apologies. I forget the kind of first first part of the question. >> The first part was basically, you know, how much of SK Hynix's 26 and 27 is already spoken for by Nvidia now that they're building very Reuben around the HBM4. >> Yeah, so I'm going to be honest. I'm not sure of the percentage base, but Nvidia I mean they they have what over a hundred billion dollars in inventory spoken for obviously mixed mixed of all types of inventory, but as we know memory is a major a major portion of that cost for for for their products. So you you would expect a good amount. And what we hear from Micron, right? And I think this is also one of the exciting things is maybe now investors are going to focus more on SK Hynix earnings. I think most US-based investors just really focus on Micron's earnings because it's it's it's most more most US-based investors hold it. But now we're going to get more of a I think more eyes are going to keep are going to be there on SK Hynix. I mean, from Micron we know they're sold out for 2026. Good portion of it is sold out to 2027. Their previous CEO mentions that their current CEO previously mentioned that um they they don't expect supply demand imbalance to shift any time soon, right? They they expect this to be until 2028. Obviously, these companies aren't going to share that, but there's probably some truth with with answers like that. >> Yeah, that's fair. What do you think, Sam? Uh you're muted. >> Sorry about that. Yeah, so I do think that the fact that SK Hynix is coming to the US market as far as an ADR goes, I am favorable on Micron out of all three, mostly because if you think about that US onshoring theme that has been going on for a long time. Micron is the player that has been in the US for a while, but if you think if you do see just the sentiment of Samsung and SK Hynix looking to come into US markets, and we also heard the announcement yesterday that SK Hynix is looking to invest billions of dollars in the US economy. The runway can be a little bit longer for these for these ex-US companies or at least companies that originated outside of the US, especially since there's a lot more investing interest for people who don't necessarily have current South Korean brokerages for the KOSPI to be able to invest in these companies through ADRs. I mean, this is the first time it's been available outside of course the OTC markets. Um as far as the market share goes, I think I think the the memory TAM is quickly expanding, and this is the same story we heard with Nvidia where, "Hey, look, Nvidia is going to lose market share to all these other players." But if you think about the TAM as a whole, that's expanding big enough that even if a company does take some market share, Nvidia is still growing in that business segment. And this goes with the same thing for the memory case as well. Even though, yes, SK Hynix will likely take some market share from Micron in terms of US onshoring and goes for memory, it the TAM for memory, the demand for memory is still there that I don't want to say it won't even matter, but it's not going to have as much as an impact where you have a TAM that's basically flat year over year, and you have another company start to take market share while mean take market share from Micron, meaning that Micron is going to reduce its market share in terms of absolute dollar value. I do think that they're all going to be beneficiaries of it. Um the problem is, of course, is the sentiment as far as the stock prices go. That that I think is very much separate from that because that always is, of course, forward-looking as the way the market is all the time. >> Yeah, yeah, and and I agree there with Sam. I mean, this is a market where the TAM just continues to grow. And and I think this is the volatility with just the whole AI industry is every year we kind of get a new bearish thesis or a new bearish thought that, "Hey, like is this the end of AI capex or is this the top?" Um and I don't think we're we're anywhere near there. But you every every year you're going to hear something in the memory business. Now, you get every other month that some company's trying to innovate in some form of memory uh improvement. And the whole market takes that as a whole. Uh but it's like what's more what's stronger what holds more weight right now? The demand for AI or a 5% improvement? Even if you get a five or X% improvement, do you still have a demand that that doesn't really matter compared to the com- uh overall supply uh and demand imbalance. And I think that's the real story here um where you're going to get a lot of volatility. I mean, just this past week or 2 weeks, we saw reports that Apple was planning or or testing. Um, you're seeing Chinese based or memory solutions. Like, that doesn't really impact much of the AI server space. It it it should really not, uh, but it does create kind of that negative sentiment towards the whole industry. >> How are you right now? Kind of question both you, but first Jose, how are you positioned from a portfolio perspective around the memory trade? And is there interest in adding SK Hynix into there? >> Um, or for me, I'm not directly into any of the memory players. I do have, I would say, kind of offset memory solutions, Silicon Motion, uh, is one of the companies I own, Form Factor is another company that I own, and Rambus, ticker RMBS. Um, and and these are three companies that provide some form of solution or have some form of licensing within the memory space. Um, so it's it's not the direct players, uh, but at the same time, again, my whole portfolio is pretty much in the AI tech space. Um, so it it it it at sometimes I'm like, I don't need to follow every single shortage uh, in the industry. Um, and and that sometimes controls me of of what I buy. >> Do you think I I I guess that makes sense. Is there interest in the SK Hynix side or anything, especially if there was to be a further drawdown? >> Uh, I I mean, I think of of of a further drawdown, definitely. Uh, I just think in the semiconductor industry, I'm pretty sure Sam, um, also talks about it a lot, where there's just so many shortages that you don't have to choose everyone and you don't have to chase everyone. Um, but if we do see kind of just a unique memory sell-off, if if if not the whole industry, but just a unique memory sell-off, that would definitely, uh, open my eyes more and and make me more aggressive if I wanted to enter the memory business. >> Yeah, that makes sense. Sam, what do you think? >> Well, I mean, I agree with Jose on that. Uh, the Silicon Motion play that we were talking about months and months ago before that thing more than doubled, um, was really interesting cuz it was something that a lot of people were talking about and obviously memory stocks have ran and it is a much smaller company in terms of market cap compared to Micron and SK Hynix or Samsung. I mean really if you if you're thinking about companies that are going to benefit the most, obviously these bigger players will benefit the most, but the market gives more appreciation to stocks of smaller market cap value that show massive growth. You know, you're not going to get like a double in revenue for Micron these points. Maybe maybe if it does, but probably not for a couple years, but these other companies they can guide for tremendous growth from nearly flat or negative growth in a very short period of time and that sort of surprise when it comes to Wall Street creates the re-rating factor upwards and creates that massive trajectory move in stock price. We We saw the same thing for Nvidia back in 2023. We saw for Micron and sometimes these these players that are part of these themes by proxy find a lot of appreciation. I mean, there's a company ACLS or ASL which create they're basically a competitor for Applied Materials which has ran tremendously been on a crazy run. But ASL is um is a competitor of only one segment for Applied Materials where they're basically the leader when it comes to ion plantation for these memory chips and that stock has basically doubled in a very short period of time and it was coming from very small growth. And yes, it is not as large of a company as Applied and probably won't be especially for a long time if it does, but when you think about what the market's pricing in versus what they eventually price in the future, that I feel like that is where you get your like two times, three times and you didn't have to be owning Nvidia stocks until it was $300 pre-split before in order to make that 10 bagger. You could have done your research and found one of these companies that were beneficiaries of this theme through shortages, bottlenecks, whatever it is I figured out like, "Hey, look, you might not have to buy the leader in this, but if you buy a secondary leader that's specialized in a certain segment that's in very high demand, they're going to have that quarter where like all of a sudden Wall Street just re-rates these stocks." And we saw the same thing with Amkor, On Semiconductor, and a lot of companies that people never heard about that surprisingly a lot of people talk about now. Like these undiscovered names, that's really what Jose's been doing for a while with what the chip happened. I mean, he's talked about these companies that no one's even heard of these tickers before. Now everyone's talking about these tickers. I still remember um when people thought Micron's days were over. Of course, they were burning cash left and right back a couple years ago. And I was one of the early investors of Micron, but of course, your boy sold too soon on that one cuz I didn't think it was going to 10x from there. However, at the same time, you know, it is interesting to do your research and find these bottlenecks, but I think in this current market, everyone's looking so aggressively for these bottlenecks, and there's a lot of value in the market outside of of course semicon- ductors. I don't want to shift over the conversation or anything, but this really is a this really is a point in time where like everyone's looking in just one sector and they're ignoring other parts of the markets which could find a little bit of rotation. >> Let's talk about those other pieces. Jose, you mentioned that you see other areas where there's plenty of shortages, right imbalances. People have been referring this to a bit of the the bottleneck trade, I would say as well. Can you talk a little bit deeper as to, "Hey, I I think that there's multiple shortages, but I see more value in this area, so that's where I'm gravitating." And maybe a little bit more into the research that you're doing there? >> Yeah, I I I mean, most of my research will always fall back into the semiconductor and AI industry. And and but like Sam mentions, there's probably others. Uh this is where I just stick like my my head in the dirt and and just spend my time. The The one that I personally enjoy the most right now is one that gets hated a lot, is the Neo Cloud business, right? I do believe the Neo Cloud business is going to extremely well. Um Um, and that's because of just my research, the amount of compute that we need is going to be ridiculous. And no matter how much data centers we continue to build out, how much AI chips we continue to build out, these data center we're still going to be made in this supply demand imbalance. And any kind of neo cloud company who has a formal of long-term power contracts already, or who actually have a lot of active power right now. For example, one of my favorites, and I know it gets a lot of hate, is CoreWeave. CoreWeave has 1 gigawatt of active power GPUs. And one thing that we are seeing with like GPU pricing, right? GPU pricing for the past 2 years has either increased or stayed relatively flat. When these businesses started, their modeling projected that GPU pricing, and just like anything, right? If you have something, a product for 2 years, the pricing would go down. So, a lot of of these companies the models are way worse than what the actual business is actually doing, right? They're doing a lot better. We see old chips like the A100 still at the same prices of almost 2 years ago, sometimes even higher. Same with the H100. Blackwalls are also doing amazing. And to me, we are still very much in an early AI push. We just saw massive amount of companies release a nice amount of AI models yesterday alone. So, the competition is still intense. And when competition is intense, it forces new innovations, it forces new markets to to appear. It forces them to look at places that they can serve that might be unserved. Um, so, um, I I I I believe the compute story is it's one that gets punished, and I rightfully so. It It In the typical market, you would think that compute would be a commodity. I think right now that commodity, if it is, is extremely extremely short in in in supply. >> I know Evan's bullish on CoreWeave. He's been trying. He's been hoping. Holding out. Uh, I I want to tell us who asked about some of the phenomenons that we've been seeing in Korea. Kind of bringing it back to SK Hynix for a second. Uh, cuz right after this we have Eric Balchunas that's joining from the Bloomberg team and he was basically tweeting that like we've never seen such, uh, I don't want to say degeneracy, but such interest in these, uh, leveraged ETFs like we have in Korea. Uh, the 2x leverage SK Hynix ETF over in Korea I believe was the biggest 2x leveraged ETF in Korea. Uh, he was doing some comparisons by market size, but it'd be like massive here. We are going to see these ETFs also come out this coming week, uh, Monday, Tuesday. You're going to see some leverage ETFs launch, some inverse ETFs launch. Do you think that there's going to be a lot of interest in these because and one of the reasons I asked that as well is a lot of people, even if they don't necessarily think along the same lines as you do as, hey, there's a a five-year trade here or three to five years. I I don't think anybody's saying that this is ending right now. A lot of people are saying there's at least another, you know, year plus of big moves and pieces like that. So, do you think a lot of people are going to gravitate into the those like we saw over in Korea? >> I mean, I I You people really like what they like and when they like it they try to go, um, the strong with it. Personally, obviously personally I'm not going to try to do that. Um, I I try to be the opposite of of of usually what the market is doing. Um, but yeah, I mean, I I wouldn't be surprised to see a lot of investors get into these leverage ETFs. Uh, but again, it's not, um, I I it it might be even much higher than what we saw and it's definitely going to create a lot of volatility and that's the thing with the semi with especially the memory space, right? Any recent press release, oh, shortages is getting even tighter. >> Yeah. >> Markets are going to rip, but another kind of, oh, we have another company creating uh im- efficiency improvement. Uh, so, volatility goes both ways and I think it's going to be fun for traders who tend to love these these types of moves. >> Yeah, I mean, when something moves 1,000% in a year, you're going to have volatility coming off of that. Sam, did you have any thoughts on that? >> Yeah, no, I agree. I mean there's See, one thing that people got to remember is that with these leverage ETFs is that I look at them as trading vehicles, not investment vehicles. Because people forget that just because it's a leverage ETF and the stock goes 100%, you aren't going to get that boost because these are a daily reset ETF. So, because they're traded on swaps, every If it goes If the underlying goes up 2% in one day and then goes down 2% in one day, you're going to lose more money in the leverage ETF because it's 2% from where it was before since it's resetting on a daily basis. Meanwhile, the underlying, you'll still be at break even. Or about break even. You actually you'll you'll you'll be slightly below break even, but you'll have a more amplified effect with these leverage ETFs. They're not meant to be investment vehicles. They're meant to be trading vehicles. And it's worked out for a lot of people in both directions. But of course, you know, like Jose has mentioned, when people go really hard with a theme, they see a stock go up 1,000%, then they see it drop 100%, they think this is the greatest opportunity ever because it's going to continue going up. >> I know. It could It could You You're The most you're going to lose is 100% of your money. But what people got to understand is, hey look Nvidia basically did a 10 or 20 times in a short period of time. You can't buy Nvidia today and think a $5 trillion company has become a $100 trillion company, right? So, like that's very unrealistic to expect. >> I can think of one, Sam. >> All right. Well, maybe at some point, Jose, I I I don't know. >> I know. But >> In our lifetimes? >> Yeah. >> Yeah, I don't know. Who knows? Maybe. We're printing money left and right, but it's just some people get very carried away with this stuff, and you've seen it with You've seen it with the country's stock market with the KOSPI. It makes wild moves every day as if it's a small-cap high-beta stock. Like it The KOSPI, the entire South Korean stock market moves on an average of 5 to to 8% in the last few days. Like that that's a wild move for the stock market and it's because all that leverage that's in there, you know, a lot of people are chasing certain prices. They see it go up like 3% they're going to they think it's going to go up 3% more and then they want to be able to make up for whatever they had missed before or fear of missing out or FOMO and that's what causes the massive volatility in the up and down direction in these markets because people really press their bets but it's not just retail traders with the Robinhood app with a thousand dollars in their account. These are billions of dollars being thrown around these ETFs and maybe hundreds of millions on a daily basis and it moves markets at that scale and it's a little bit scary. I'm not going to lie cuz you do wonder what's going to happen when all of this gets drained out cuz it will at some point like it always does, you know, nothing lasts forever. Um but the the volatility in the up and down direction is going to be brutal and I think this is just the nature of the way markets are built today. You know, it's not this isn't going to be like 2015, you know, where you get you're like slow grind up or slow grind down. You're going to get massive one or two percent moves in the indices and we already got a preview of it in the Korean markets and we're starting to get used to it here in the US markets. It's just the nature of the way markets are built today especially the computers and algorithms and just how liquid capital is nowadays. You can easily just buy a two or three times ETF and then sell it like just one hour later. It's the liquidity has become so vast in these markets that you just have to get used to it. This is the way the market is today. This isn't like the 1990s or the 1980s where you can buy Apple and hold that for 10 years. Like there's always going to be opportunity and just the I mean you already know yourself, Gab, with just the growth of social media, people are way more exposed to getting news in just a minute after a price is reaction versus reading it in the newspaper the next day. It that's the way the market is today and I think people have to get used to it uh that way learn how to play around that. >> Yeah, it's pretty crazy stuff. I mean, this is the 16th largest company in the world right now. So, it's going to come with some volatility around it, and it's in a just such a different a growth stage than to me like an Apple, right? And and other pieces like that. So, you are just going to see big moves. Loved having you both on. I want to just come to each of you for some final comments here. Jose, anything else you'd like to tell people as they look deeper into this memory and tech trade. >> Um It's I don't There's so much to look at. I mean, just find um something in this industry. There uh if you're into the optics, if you're into the networking, uh just try to find a and um just do some research. I think I I think one thing that investors should really do is find a thesis and hold on to the thesis because when you have a thesis, it helps you um protect during these downturns. So many people, for example, unfortunately on YouTube comments or I talk to is like, "Hey, I sold off." And I'll be like, "Why did you sell off?" It's just price action. It's like, "Did Did Was that really your thesis the whole point?" So, if you follow into this market, try to find a thesis that you want to hold on to. I think that helps out in the long term of things. >> Yeah, that makes sense to me, definitely. And you know, it's sad because a lot of people don't take the time to form a thesis until something is up hundreds and hundreds and hundreds of percent, but I will tell you this, better late than ever. You know, I got into Micron at like 400. Thought I was late to the party, right? Everybody was all over it, and doubled from there. So, there's still possibilities here to continue to keep an eye on. Sam, like Sam said, they're just printing tons of money. Sam, any other thoughts for us as well here today? >> Yeah, I mean, I agree with I agree with that. You know, it's again, the acts social media seeing everything happen right in your front of your face, in the palm of your hand every single day, every single minute of the day, every single every single second, whatever it is, it causes people to get scared out of position when, yeah, sometimes you get like really good earnings like we've seen with Nvidia for the last couple of quarters and nevertheless the stock sells off and that scares people out of the position at probably the worst time possible and then they come chasing back into it when they see the price move up when the thesis has only gotten better. So I I do I do say that you know unless you're more of a swing trader active trader if you're a long-term investor these daily swings especially the macro news it either creates buying opportunity or it's just noise. Right? Like I I I don't know people who are investing in Nvidia for the next 5 years this price action right now is the least of your worries. What you need to be focusing on are the fundamentals of the companies and they are amazing. Like they're Nvidia is one of the most valuable Mag 7 stocks in the stock market right now at least after Meta had made its move in the last couple days. But yeah, that's pretty much it. >> Super cool. Two great minds. Make sure people are following them. Real quick, you know, just to mention this. Jose is super active on YouTube. Make sure that you are checking them out. I see some of his YouTube friends actually in our YouTube chat right now. So make sure that you're going and looking at that. You can also find him on Twitter and then also Sam Sam_Badawi on X as well. Streams weekdays on the Wolf channels as well to YouTube and to X. You can catch them on both of those. Appreciate you both for coming on today. >> Before we go into that you can see on the screen right now for those that are looking to get exposure to SK Hynix from a trading perspective, right? So you have people that are talked on here today about hey, I'd like to wait for this to come down a little bit. Well, if you're someone that thinks it's going to come down, here is a potential way to play it, right? SKHZ. That's going to allow you to have one x short exposure. If you're on the other side saying hey this is undervalued in comparison to Micron already. I want to get my exposure, but this isn't necessarily a long-term hold for me. I want to trade around it. SKHX gives you that two x exposure to the long side. Not long-term products, but great trading products from our friends over at Leverage Shares. 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