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OUR PRO ANALYST’S LATEST TRADE IS UP 18% IN TWO DAYS

Our lead analyst, Martin, just put on his first pure-play AI trade. 

And by the end of this article, you'll see why it doubles as a case study for one of crypto's most underappreciated offerings.

Bear with me.

First, to catch you up: Martin's been hunting AI hardware exposure for months. 

The problem for him has been valuation. NVIDIA, AMD, Broadcom, the whole ‘obvious’ basket - they’re all priced to perfection.

So he went looking for a company everyone needs, but nobody talks about.

That search landed him on SK Hynix, the world's #2 memory chip maker, behind Samsung:

SK Hynix’s edge is high bandwidth memory (HBM) - think of it as the data fast lane inside every AI system, the piece that lets Nvidia's chips move data fast enough to train models.

SK Hynix owns ~60% of the HBM market. They're Nvidia's main supplier, with Samsung and Micron still trying to catch up on the tech.

Their latest quarterly report:

Those are some STRONG numbers. 

Yet… almost nobody outside Korea is paying attention to SK Hynix.

It trades at ~4.5x expected 2026 earnings, while Micron, which is behind on the tech and earns about half the profit per dollar of revenue, trades above 10x.

The gap in valuation exists because Korean stocks have historically traded at a discount over governance and access concerns. But that's changing. 

The Korean government is pushing reform, and SK Hynix management has confirmed they're exploring a U.S. listing.

All of that said - Martin isn’t buying SK Hynix…

OUR PRO ANALYST’S LATEST TRADE IS UP 18% IN TWO DAYS (P2)

Martin found a sneakier way into SK Hynix, through a company called SK Square. 

It’s a holding company that owns ~20% of SK Hynix’s equity - that stake represents ~95% of SK Square's value (the rest is cash and small investments).

The two stocks move with a correlation above 0.95, but SK Square trades at a 40% discount to what it holds. So you're buying SK Hynix at a discount on a discount. 

The best bit? Closing that discount has become a stated management priority, with executive compensation tied directly to the target (below 30% by 2028).

All of which gives Martin three ways this trade potentially pays off:

1. A U.S. listing re-rates the Korean parent.
2. SK Hynix keeps compounding as the AI memory leader.
3. The SK Square discount closes from 40%, toward management's 30% target.

The craziest part? It’s already paying off. 

Martin started building his position two days ago, and SK Square is already up ~18% in that time. 👇

Ok, but what does any of this have to do with crypto?

Glad you asked. After reading Martin's write-up, I wanted in too. Checked my brokerage. Not listed.

To buy SK Square, I'd need to open an Interactive Brokers account. That means passing Know Your Customer checks (passport, proof of address, a live face scan), linking bank accounts, transferring funds...

Maybe an hour of clerical work, give or take. Am I excited enough to do all that? 

Short answer: yes… but I also have a newsletter to write, meetings to attend, and (in my personal time) a TV to hang in my living room.

Plenty of people hit this same wall of friction every day - and I'd wager it blocks billions of dollars of investment intent every year. 

Decision gets made → paperwork gets in the way → the moment passes.

Now, imagine SK Square exists onchain as an RWA (real-world asset). I open my wallet, swap USDC for tokenized SK Square, and I'm in. 30 seconds. No clerical time sink.

More access = more investment = deeper/larger global markets. 

Martin's trade is a clean example of the kind of friction RWAs are built to remove, and a reminder of how much room they have to grow… 

The global stock market is valued at around $150T right now. Onchain stocks total ~$1.2B (0.00079% of the global stock market). 

Unfortunately, I don’t have time to wait for SK Square to be tokenized - so I’m going to have to suck it up and grind through the legacy financial system’s friction to get this account set up.

Because Martin’s not done. He wants to grow SK Square into a top 3 position in his portfolio. 

But it's already up 18% since he bought in, so he's waiting for a pullback before he adds more.

When he does, I want to be ready to buy alongside him.

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Ouch: Coinbase just cut ~14% of its workforce, citing market conditions and AI efficiency increases as the reason.

Nail-biter: The CLARITY Act is at 62% on Polymarket. John's advice: stop trying to trade around it.

The Yentervention: Analysis shows Japan likely spent roughly $34.5B (¥5.4T) last week alone to stop the currency's slide.

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