SK Hynix's $26.5B Nasdaq listing surpassed Alibaba's 2014 record, with the company commanding 56.4% of the HBM market but losing ground in DRAM and NAND to competitors. Despite strong earnings projections and a memory market expected to reach $633B in 2026, SK Hynix and Samsung trade at historically low 7x forward P/E ratios, suggesting undervaluation.