SK Hynix listed on the Nasdaq in July in the largest ADR offering in Wall Street history, raising roughly $26.5 billion, and major AI memory suppliers now trade on one US exchange. The author compares Micron, Sandisk, SK Hynix and Western Digital, pointing to Micron's HBM4 production for Nvidia's Vera Rubin platform, Sandisk's multiyear supply agreements, SK Hynix's single-digit multiple of trailing earnings, and Western Digital's nearly sold-out 2026 capacity. The article also flags memory's cyclical nature, noting Micron's shares lost roughly half their value in the 2022 downturn. In the author's own scenario, with assumed annual growth of 20%, 18% and 15% for different stocks, $1,000 split equally would reach about $1,880 by 2030, or about $1,460 if all four match a 10% market average.
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