Every raise has two directions.

The loudest bell in New York today rang at the very top of the stack. SK Hynix listed in the U.S. as American depositary receipts and took away more than $28 billion in a single raise. The same session, semiconductors ripped — SanDisk up over 7%, Micron over 4%, the Nasdaq surging. The market read all of it as one sentence: AI demand is so hot that even upstream memory is being fought over. But that sentence describes only the buyer. A raise always has a counterparty. If someone is buying the future, then someone is selling it. And the seller today happens to be the link closest to physics, the one that knows next round's capacity ramp schedule better than anyone alive.