Semiconductor memory stocks continue to rally—has the time come to make them a key focus of investment?

Last night, U.S. semiconductor stocks once again extended their strong upward momentum.

Micron rose about 12%, SanDisk gained 14%, and SK Hynix climbed 13%. The surge in any one of these three memory chip giants alone rivals the intraday volatility typically seen in altcoins in the crypto market. And the impact of this rally goes beyond just the numbers—It has directly shattered the emerging market consensus over the past few weeks that the memory cycle had peaked.。

"The supercycle for memory chips is over"—a view that had been sounding increasingly convincing was decisively rejected overnight by investors voting with real money.

On the surface, this appears to be an emotionally driven, corrective rally. But a deeper look at the drivers reveals two more profound industry dynamics now being repriced by the market.

Logic One: Memory Becomes the 'Second Ticket to Entry'

Over the past two years, the narrative core of the AI industry chain has revolved around just one word—GPU. NVIDIA has been the undisputed king: whoever bought the most GPUs gained the lead in the AI arms race.

Now, however, that narrative is undergoing a critical expansion.

NVIDIA’s next-generation AI chip architecture, Vera Rubin, has already entered mass production and shipping. This chip demands unprecedented levels of memory bandwidth and capacity—mirroring the simultaneous explosion in model-side parameter counts. Meanwhile, Kimi K3’s 2.8 trillion parameters mean that during inference,HBM (High Bandwidth Memory), DRAM, and traditional storage must remain fully loaded throughout the entire process,rather than being shuttled back and forth between CPU and GPU as in the past.

In plain English:Memory is no longer merely an 'accessory' to the GPU; it is becoming an independent bottleneck that sits alongside the GPU in determining AI system performance.

The narrative around computing power is shifting from 'just buy GPUs' to 'storage is the second ticket to entry.' As storage rises to parity with compute, the entire industry’s valuation framework needs rewriting—which is precisely why capital has suddenly started flowing back into memory chips.

Thesis Two: The industry is doubling down, not pulling back

Contrary to the pessimistic narrative of 'peak capital expenditure,' actual industry moves show players are stepping up investments—not hitting the brakes.

Recent developments further explain this trend:

First, SK Hynix is reportedly in talks to acquire Intel’s wafer fabrication plant in Ohio.If this deal goes through, SK Hynix will gain DRAM manufacturing capabilities on U.S. soil—strategically reinforcing its global production footprint and, more importantly, paving the way to secure orders from major U.S. clients amid growing geopolitical uncertainty.

Second, the CEOs of three South Korean tech giants—Samsung, SK Hynix, and Naver—are said to be flying to Silicon Valley this week for a roundtable meeting with NVIDIA CEO Jensen Huang. This marks the first timethat top players from memory manufacturers, the GPU dominator, and large AI model developers are sitting together at the same table.The depth and breadth of industrial synergy far exceed what the market previously imagined.

These signals collectively point to one conclusion:The strategic importance of the memory chip industry is undergoing a systemic reassessment.It is no longer a passive, commodity-style supplier, but rather a strategic-level node in the AI infrastructure stack—on equal footing with GPUs.

Market observers believe the second half of the memory supercycle may have only just begun.

If you chased the rally last night by buying SK Hynix’s U.S.-listed ADR (SKHY), a tangible risk may now be heading straight for your position.

SK Hynix’s current share price is approximately $173, but it trades at a premium of about 29.8% relative to its parent stock listed on South Korea’s KOSPI. After adjusting for this premium, the implied fair value based on the Korean-listed shares is roughlyAround $120。

More critically:On July 29—just five trading days from now—the SKHY ADR will become exchangeable with its underlying Korean shares.

What does this mean? It means arbitrageurs can buy the cheaper Korean-listed shares, convert them into ADRs, and sell them in the U.S. market—profiting from the nearly 30% premium. When large volumes of arbitrage capital flood in, the ADR price will be forcibly pulled down toward parity with the Korean share price.

Even if the Korean underlying shares themselves don’t decline, SKHY could still drop sharply due to premium convergence.If you bought in at the high-premium range above $170, this risk isn’t just on paper—it’s already reflected in your position details.

Taking all the above into account, the current situation can be summed up in one sentence:Bullish in the long run, but the path ahead will be bumpy.

You may agree that the second half of the memory supercycle has already begun, but you’re also well aware that cyclical stocks could face a correction of over 30% at any moment.

In moments like these—when you believe in the long-term trend but fear short-term volatility—options are the most suitable risk management tool.

BIT platform’s options feature is launching soon, enabling users to:

Hold the underlying stock + buy put options: Lock downside risk within an acceptable range by paying a small premium

Buy both call and put options simultaneously: Earnings season brings high volatility—if direction is uncertain, bet on both sides; as long as the move is big enough, you profit

Go long on call options in one direction: Bullish on the second half but don’t want to go all-in on the underlying stock? Use options to leverage small capital for potentially large gains, with maximum loss limited to the premium paid.

Margin financing for long positions, securities lending for short positions, and options for hedging—three strategies, one platform.In the second half of the storage supercycle, you can capture upside opportunities while protecting your downside during pullbacks.

Risk Warning: Options trading involves risk and may result in the complete loss of the premium paid; combining options with margin trading further amplifies risk. The strategies and figures mentioned above are for illustrative purposes only and do not constitute investment advice. Actual trading outcomes will vary depending on market conditions. Please make decisions prudently based on your own risk tolerance.

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